Chancellor’s Youth Jobs Guarantee Could Spike Interest in Crypto Payroll

The Chancellor’s new jobs guarantee scheme could put crypto payroll on the radar for more young people.

The pledge was announced at the Labour Party Conference, promising a remedy for youth unemployment that would see every eligible young person receiving universal credit without earning or studying for 18 months given guaranteed paid work. 

The plans have yet to outline exactly how the rollout will work, which could see some apprehension among British business leaders, particularly of SMEs, who, in addition to keenly awaiting details of the upcoming Budget, are already grappling with hiring constraints. 

Even still, it could be an opportunity for some much-needed updates to payroll, with cryptopayroll emerging as a compelling option.

More People Are Embracing Crypto

Figures show interest is already there. According to the Financial Conduct Authority, 12% of UK adults – around 7 million people – already own crypto assets. Research from AVIVA, meanwhile, shows that one in five 25-34-year-olds have already withdrawn money from their pensions to invest in cryptocurrency. 

Not only are increasing numbers of people flocking to crypto, keenness to embrace it tends to be higher among young people. The FCA estimates that the proportion of 18-24 year olds who don’t have a bank account is more than double of those aged 25 and over, which means they’re primed to embrace non-traditional banking. 

Near-instantaneous pay would also be a boon to the Government’s scheme, because, for those short of funds, it would take away the burden of waiting long periods of time for wages. It could also be a chance for young people to learn more about the digital economy, potentially translating into employment opportunities further down the line. 

Costs, Compliance Hurdles And Volatility Risks

However, that doesn’t mean such measures won’t come with concerns. 

For small businesses, the introduction of crypto payroll could raise practical and financial challenges. Many lack the in-house expertise to manage digital assets securely, and setting up systems to handle cryptocurrency transactions could prove costly and complex. 

Volatility in crypto values may also create uncertainty over wages, while additional compliance obligations could increase the administrative load on already stretched teams. These risks may make some smaller employers cautious about adopting such an approach, even if the broader idea of modernising payroll gains traction.

Preparing for the future

Shevaun Haviland, Director General of the British Chamber of Commerce, suggests the youth employment scheme will be welcomed by the business community. 

He said:  

“A well delivered Youth Guarantee can help tackle the growing youth jobs crisis, prevent a lost generation and realise the potential in every young person. 

“The UK’s active workforce is rapidly ageing, so it’s vital for our economy that we plug into this fresh talent pool, who have so much to offer.” 

Next steps

The jobs guarantee presents a rare opportunity to rethink both how we employ and how we pay the next generation. If delivered effectively, it could ease pressure on struggling young people, encourage businesses to adapt, and introduce new tools like crypto payroll that align with modern financial behaviour. The real test will be whether policymakers and employers can work together to turn ambition into sustainable progress for the UK workforce.