Young Turks turn to dollars gold and early jobs to survive lira collapse

As the Turkish lira continues its steep decline, young people in the country are adopting creative strategies to protect their savings. Mehmet, a 21-year-old in Istanbul, exchanges part of his paycheck, around 1 million won, into dollars or euros to safeguard his earnings against the lira's weakening value. He and his friends view payday as an opportunity to convert their income into foreign currency before the lira loses more ground.

The lira's rapid depreciation has been dramatic, rising from 8.86 lira per dollar in 2021 to 39.49 lira in 2025, a 78% drop in value over four years. This economic shift has pushed many young Turks to explore alternative ways to preserve wealth, including investing in small increments of gold. The country's advanced goldsmithing industry offers products as small as 1-gram or 5-gram units, making it accessible even for those with limited funds.

Beyond financial strategies, many young Turks are opting for early careers over higher education. Facing a youth unemployment rate of about 15%, and 22.1% for young women, many are choosing to work in bakeries, clothing shops, and restaurants immediately after high school. This approach allows them to build skills and experience while avoiding the financial burden of tuition. Ayşe, a 20-year-old pâtissier, noted that finding a job after university seems even harder, making early employment a more practical choice.

The combination of economic uncertainty and job market challenges has reshaped the financial habits and career paths of Turkey's youth. As they navigate these difficulties, their strategies reflect a broader trend of adapting to a rapidly changing economic landscape.