Norway experienced a huge price increase for most products in 2022, and sectors like the food industry, electricity and fuel for cars were one of the ones that hit families the hardest.
The cost of living has gone up for the entire year, and a brand new survey uncovered that about 70 % of all Norwegian young adults are highly concerned for how this will affect their lives.
The same survey found that this issue was a bigger fear than the current dramatic geopolitical climate (61 %), climate change (58 %), nature destruction (58 %) or potential attacks on Norway’s infrastructure (44 %)!
This is the first time in many years that climate change has not been the biggest concern for young adults in Norway. It’s still on a strong second place with 6 out of 10 young adults being worried about it, but has now been overtaken by fear of increasing prices for goods and services.
It’s “impossible” to study or move away from one’s parents
According to young adults who were asked, one of the biggest issues they face is that it’s no longer economically viable to move away from their parents.
Not only is food much more expensive than just a year ago, but rent prices has increased both in cities and in smaller towns, the cost of owning a house or apartment has increased, electricity is 10 times more expensive than a few years ago, and must other products have seen a price increase as well.
Yet, student grants and the normal wage for uneducated jobs have barely increased, and not at all in the same rate as the price for goods has increased.
This has lead to a situation where many young adults simply cannot afford to move away from their parents to go to university or just start their own life. Many say that they need to save up money first, or are waiting for better economic times.
Economic analysts from the bank Nordea has given hope that the price increase has reach its top, but that is yet to see.
And as of right now, 7 in 10 young adults are seriously worried about the price increases, which have already impacted the lives in many negatively.
Nicklas is the owner and editor of The Norway Guide, and is responsible for most of the content on the website.
He lives in Skien, Norway with his wife and two children. Nicklas is specialized in Norwegian ecology (including Norway’s geology, wildlife and flora) from his degree in Ecology And Nature Management at University of South-Eastern Norway, but has a particular interest in tourism and content creation.
His biggest hobbies are fishkeeping, going on hikes with his dog, and rooting for the local football team.