Sad reason behind Aussies’ economy fears

The number of young Aussies forced to skip meals or turn to families, friends or charity has exposed a sad truth.

The number of young Australians concerned about the country’s economy and finances has tripled in just a few years, while one in six have faced financial hardship.

A new report from Orygen and Mission Australia has shone a spotlight on the latter’s impact on mental health, as more than half of older teenagers worry about their financial security.

The report revealed almost a third of young people identified “the economy and financial matters” as one of the most important issues facing Australia, compared to 11 per cent in 2021.

The findings were based on a survey of more than 19500 youths aged 15 to 19-years-old and sparked calls for urgent action.

Lead author and Orygen senior research fellow Dr Kate Filia said it was “particularly concerning” that 17 per cent of young people were experiencing financial hardship.

“That’s really serious things like not being able to pay bills or rent, going without meals, not being able to pay for school or needing to seek support from a charity,” she said.

The report highlighted overlaps between financial insecurity and poor mental health, warning youth experiencing financial stress were less confident about their educational and career goals.

“Young people who experienced financial hardships were two to three times more likely to report poor mental health and wellbeing than their peers who had not experienced financial hardships,” the report said.

“Financial stress can exacerbate mental health issues, creating a vicious cycle where poor mental health further limits the ability to achieve financial stability.”

Orygen and Mission Australia called on the government to increase youth allowance and other welfare payments, develop an app to help young people navigate financial issues and supports, and develop dedicated youth-specific social housing.

Mission Australia executive Marion Bennett said financial struggles “can deeply affect a young person’s chances of getting a good start in life and can often push them into poverty and homelessness”.