More than half of Australia’s youth believe they will be worse off than their parents, with many doubting they will find financial security in the future.
The 2024 Monash University Youth Barometer also found nearly every young person surveyed reported feeling anxious or pessimistic at least once last year.
Barometer lead author Professor Lucas Walsh said the annual study of people aged 18-24 examined interconnected dimensions of young people’s lives and covered themes including the economy, work, education and wellbeing.
Professor Walsh said it also looked at relationships with family, friends and partners, the impact of technology and social media and young people’s civic participation in society, including experiences of belonging and exclusion.
He said this year’s study found just over half of the respondents (53 percent) thought they would achieve financial security in the future, with a majority (62 per cent) thinking they would be financially worse off than their parents.
“Eighty-six per cent of young Australians experienced financial difficulties in the last 12 months, with just over a quarter, 26 percent, reporting they did so often.”
Professor Walsh said 98 percent of young Australians reported having at least one feeling of anxiety or pessimism, while in the last 12 months, only 56 percent often felt like they belonged when they spent time with friends.
“We’ve consistently found that each year the findings have been troubling, but what is emerging from four years of data are persistent feelings of anxiety, isolation, pessimism and mental health,” he said.
Professor Walsh said most young people saw affordable housing options (73 percent) and employment opportunities (52 percent) as needing immediate action.
He said while 52 percent of young Australians experienced underemployment at some point in the last 12 months, a high-salary (78 percent), location (72 percent) and long-term contract or being in a secure job (71 percent) were important characteristics of work.
