I’ve Graduated During The Cost Of Living Crisis & It’s Hell

In my flatshare of four freshly minted master's graduates, it's now a norm for each of us to block out the living room for a few hours every week as we trudge on with one hopeful job interview after another. 

Whenever someone makes it to the next round — a minor but significant achievement at the moment — we buy them dessert to celebrate. Something to look forward to, right? Sessions with my therapist, brunch with friends and calls with my family are peppered with words of encouragement: "Keep going, you're almost there", "Something's coming for you" and "It's not you, it's the economy". I'm aware the intent is to be helpful but many of us have been hearing similar affirmations and condolences since the start of the pandemic. 

After the lockdowns eased up, the world was supposed to be our oyster. We should have been celebrating graduation with a bucket-list, backpacking holiday; instead we're in a downward spiral of self-doubt, wondering if we should move back in with parents or switch professions. The cost of living crisis only makes this relentless cycle much worse.

According to the Office for National Statistics, 94% of adults in the UK reported a rise in their cost of living between January and February 2023 compared to the same period the year before. The Office for Budget Responsibility has also predicted that our disposable income will fall by 4.3% in 2023 — the biggest shift in living standards since the 1950s. The price of basic necessities is soaring, too: groceries are more expensive and will reportedly add about £837 to the average household’s annual bill.

"Completing a course has traditionally been associated with independence, or a step towards the next stage in life. For many graduates, by feeling financially vulnerable or seeking jobs in alternate fields they're being forced to step back and this can lead to an overwhelming feeling of disappointment," says Eloise Skinner, a London-based psychotherapist. 

The number of online job adverts is down by 23% compared to a year ago. After struggling to find a relevant role for six months, Lingxiao, an illustrator and graphic designer with a master's from Goldsmiths, University of London, decided to press pause on building a career as a creative. "I worked as a mid-level illustrator for a couple of years in China, that has to mean something. But now I'm getting turned down from junior roles and that makes me question my work and abilities, it's extremely stressful," the 25-year-old says. 

In order to make rent and bills, Lingixao has started working at a restaurant. "It's very physically draining but at least I get my meals there and that helps me cut down on spending on food," he explains. Many unemployed graduates are turning to part-time service roles to keep themselves afloat. When Vaishnavi Balusu, an art director with a master's from London College of Communication, graduated in December, she was hopeful about finding work in the live events industry. 

However, with a nationwide rise in energy bills and a 40% increase in operating costs at event spaces, the nightlife industry has suffered. More clubs closed in the UK in 2022 than the year before, when the world was predominantly in lockdown. This made Balusu's job hunt gruelling. As her weekly gas bills and rent escalated, she decided to take on part-time gigs in the service industry. While these help her with sustenance, it makes fulfilling her passion for events harder than ever. 

Entry-level, minimum-wage technical roles often have elaborate application processes that take hours and are hard to squeeze into already full weeks. As companies are forced to downsize in the face of inflation, they are moulding two roles into one. "Previously, we had a client-facing accounts analyst and an in-house one who worked on separate budgets and targets. Now a singular job description includes both, so the recruitment process is also trickier as we sift through candidates to find someone who will be willing to do them on one salary," explains Frieda*, the head of HR at a consulting firm in Birmingham. 

Navya Diwan, a graduate in developmental psychology and psychopathology from King's College London, explains that for every 30 applications she sends, she hears back from maybe one employer and often that doesn't lead to an interview. It's tough to stay optimistic when LinkedIn, Twitter and Reddit are abuzz with news of mass layoffs at huge conglomerates. As a result, graduates can feel like they're going up against people with years of experience who have been forced into applying for starter roles, hoping to find stable income. 

Sarah*, a 25-year-old investment analyst, received an offer letter straight out of college but it was dissolved by the company two weeks before the start date, owing to redundancies. After months of applications, she finally landed a barely paying internship that was supposed to begin in April. It has now been pushed to July without any assurance. 

"I'm a type A girl and I survive on backup plans. But right now, I can't see what my future looks like and that's very unnerving," she says. "My anxiety is through the roof and I've started taking sleeping pills to cope with it all." Skinner agrees the uncertainty can be challenging and recommends finding stable elements in our daily lives, possibly away from work, that can be controlled. "This could be, for example, focusing on developing broad skill sets rather than attaching to a particular industry or job description, or engaging in side projects or passions that feed an ongoing sense of self-development," she says. 

Some of my classmates who envisioned spending their 20s in large cities have been forced to move back to their hometowns owing to the housing crisis. With dodgy landlords and skyrocketing rents, creating a sustainable lifestyle in a large metropolis has become close to impossible. "I used to love going to pubs and watching films with my friends but I have to cut back on social gatherings and things that made London feel like home because all the bills are piling up," says Lingxiao.

There's still a couple of weeks to go before I turn 25 and reach the grand quarter-life crisis stage but I've already lived through global wars, a pandemic, climate anxiety and one recession (with a second on the horizon); saying it's a lot feels obvious but the dread truly is all-consuming. In the midst of it all, it helps to remember that you're not alone in the process. When you want to text a friend for the occasional rant, don't overthink it. 

"Job-hunting can be isolating, especially if graduates have just come from a university experience that provides a strong sense of community. Look for others on a similar path; as you begin to build up your community, you might feel the uncertainty becomes less intimidating — you can share frustrations and celebrations, and get reassurance from the fact that many others have done it before you," suggests Skinner, adding that it's important to pace yourself in this journey. 

And every once in a while, do a little something to let the angst go. For my flatmate, that's punching the mattress as hard as she can; for me, it's binge-watching trashy reality TV. This will sound preachy but it’s a truism that still hits the spot: people are right, it’s really not about you or your choices or a lack of ability. We’re doing all that we can.