Summary
In 2023, there was a notable increase in young people reporting economic and financial matters as one of the most important issues in Australia and the 2023 Youth Survey highlighted significant disparities in financial concerns and hardships among young people. These disparities emphasise the pronounced impact of social and economic disadvantage on wellbeing.
A fifth of young people reported having experienced financial stress over the past year. These young people were more likely to face housing instability, poor mental health, and challenges in education and employment. Young women and young people from typically marginalised groups, including those identifying as gender diverse, Indigenous, culturally and linguistically diverse (CALD), and living with disabilities reported higher levels of financial stress and poorer mental health outcomes.
This report highlights the critical need for policy reforms focused on financial literacy, employment opportunities, and mental health support tailored to the unique needs of young people. Key recommendations include the development of a social transition passport to aid young people in navigating financial requirements and support systems, increasing income support and rent assistance, expanding youth housing options, and enhancing educational pathways to prevent early school leaving.
Key Stats
- 1 in 5 = Young people reported having experienced financial stress
- 61% = Reported ‘financial difficulties’ as a barrier to achieving their goals
- Young people experiencing financial stress more likely to face:
- Housing instability
- Poor mental health