Coping with Financial Struggles as Cyprus’ Youth

finance youth

Cypriot youth facing economic challenges are selling assets, growing their own food, and embracing sustainability to cope with rising costs and limited opportunities. Despite a high youth unemployment rate and escalating expenses, young residents like Pascale Farah and Harry Demetriou are finding innovative ways to make ends meet and thrive.

What strategies are Cyprus’ youth adopting to cope with financial struggles?

  • Selling assets like cars to reduce expenses
  • Growing their own food and foraging
  • Co-living spaces to share living costs
  • Furnishing homes with discarded items
  • Multiple jobs and side businesses for extra income
  • Embracing sustainability and repurposing goods

The Economic Hurdles for Young Cypriots

Living in Cyprus isn’t easy if you’re young and your pockets are empty. A staggering 40 percent of Cypriots find it tough or impossible to get by on their current income. Another sizable chunk, about the same percentage, is barely scraping by, and a slim 20 percent say they can live comfortably. The economic landscape paints a particularly grim picture for those under 40, who are navigating a world where entry into the property market is a distant dream, and the burden of taxes weighs more heavily on their shoulders. Les Mansion, an expert economist, has brought to light the concerning youth unemployment rate in Cyprus, which stands at 16 percent, pointing to an economy that’s failing its young residents.

The island’s history is steeped in resilience, a trait its youth channel into creativity to overcome financial constraints. Sky-high rents and the rising cost of living have pushed young Cypriots to adopt unique survival strategies. Pascale Farah, for instance, embodies the “hustle generation.” Juggling jobs and her eco-friendly business, Pixie Flames, she typifies the struggle of a generation striving to make ends meet amid escalating expenses.

The Side Hustle and Cost-Cutting Measures

For the younger demographic, finding ways to reduce costs has become a necessity. Harry Demetriou, a 24-year-old architect, made the bold move to sell his car, saving hundreds of euros each month, which is significant given that car ownership expenses can be a substantial financial burden. On the food front, savvy locals like web developer Nas Andronicou are turning to home-grown produce and foraging, tapping into the island’s rich flora to significantly cut down grocery bills.

Furthermore, the concept of co-living spaces, as introduced by Christy Melinioti, offers a novel approach to managing living expenses. These spaces provide an inclusive environment with amenities at a fraction of the cost of a typical city studio. This innovative living arrangement is fast becoming an appealing solution for young professionals and remote workers in Limassol and beyond.

Creative Solutions in Housing and Furnishings

Zoe Monioti, a 26-year-old graphic designer, shares her experience of furnishing an apartment through items discarded by the affluent, a testimony to the ingenuity and resourcefulness of those strapped for cash. This practice highlights not just the financial savvy of Cyprus’ youth but also a growing trend of sustainability and repurposing.

While economic challenges persist, Cypriot youth continue to show remarkable adaptability. Their strategies range from embracing multiple jobs to adopting unconventional living arrangements and redefining the norms of consumption. This adaptability not only demonstrates the resilience of a generation but also a transformative shift in lifestyle choices driven by necessity.

The Drive for Financial Survival

In Cyprus, the younger generation’s battle with financial stability is not a silent struggle. It’s echoed in the stories of individuals like Pascale Farah and Harry Demetriou, whose narratives resonate with many. It’s a testament to the spirit of an age group determined to thrive against the odds. Despite the hurdles, these young Cypriots remain undeterred, finding creative and sustainable ways to navigate their economic reality. The island’s youth are rewriting the script on how to survive and succeed in a challenging financial environment, marking a new chapter of resilience for Cyprus.

What is the current economic landscape for young Cypriots?

  • 40% of Cypriots find it tough or impossible to get by on their income
  • 20% say they can live comfortably
  • Youth unemployment rate is at 16%
  • Entry into the property market is challenging for young residents

What cost-cutting measures are young Cypriots adopting?

  • Selling assets like cars to reduce expenses
  • Growing their own food and foraging
  • Living in co-living spaces to share costs
  • Furnishing homes with discarded items
  • Taking on multiple jobs and side businesses
  • Embracing sustainability and repurposing goods

How are young Cypriots finding innovative solutions in housing and furnishings?

  • Furnishing homes with discarded items from affluent
  • Co-living spaces to reduce living expenses
  • Embracing sustainability and repurposing goods

What are the driving factors behind the financial survival strategies of Cyprus’ youth?

  • High youth unemployment rate
  • Rising costs of living and property
  • Limited opportunities for financial stability
  • Spirit of resilience and determination among the youth

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