‘Just surviving financially’: Young Australians’ anxiety soars over cost of living crisis

Young Australians’ concerns over the issue that worries them most are rising as quickly as the issue itself: the cost of living.

It is the first time it has featured as the number one issue in Mission Australia’s annual Youth Survey Report, which polled 17,400 young people aged 15-19.

The percentage of young people worrying about the cost of living has more than doubled in the past two years and it is by far their biggest concern, the survey found.

Australia’s largest youth survey found the top national issues were cost of living (56 per cent), climate change and the environment (27 per cent), violence, safety and crime (25 per cent and mental health (23 per cent).

Mission Australia said the “economy and financial matters” category had been renamed “cost of living” to better reflect the answers received.

Previous top issues of national concern such as the environment reduced in significance when people were struggling to make ends meet, Mission Australia CEO Sharon Callister said.

It reflected a need for increased financial support to help alleviate financial hardship, such as boosting the rates of JobSeeker, Youth Allowance and Commonwealth Rent Assistance, she said.

“While climate change remains an important issue for young people, ranking second this year, it currently takes a back seat to the urgent financial challenges many are facing due to Australia’s cost of living crisis,” she said.

Cairns student Evie Evans, 15, said cost of living wasn’t an issue for her family, “but I do think it is a big issue facing Australia today”.

“I’ve noticed my friends struggling with it. I’ve noticed people at school struggling with it, and I do think that is going to get worse over the next few years, and that it threatens young people’s futures in Australia,” she said.

“Most people surveyed said that they’re happy with the job opportunities they’re being presented, but they’re worried for their future in terms of housing and just surviving financially, with taxes and even just groceries.”

Insights from the annual Youth Survey are shared with parents, educators, policymakers, community services and those who support young people.

More than one in five (22 per cent) young people experienced high psychological distress and one in five considered mental health as their biggest personal challenge in the past year.

Nearly one in three (30 per cent) were concerned or extremely concerned about coping with stress, while one in five (21 per cent) felt lonely most or all of the time.

“This stark reality highlights the urgent need for increased mental health support and mental health Awareness,” Ms Callister said.

Violence, safety and crime (25 per cent) was the other big mover, jumping into third place up from sixth in 2023 at 18 per cent, and 10 per cent in 2022.

Housing and homelessness (17 per cent) continues to feature prominently in the top 10 national issues.

“Young people know Australia is facing a housing and homelessness emergency, which is why we need far greater investment in social and affordable housing, more focus on preventing homelessness and more youth housing options like Youth Foyers,” Ms Callister said.

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