Financial experiences of young people

This series, featuring new research from Growing Up in Australia: The Longitudinal Study of Australian Children presents 3 spotlights examining aspects of the financial experiences of Young Australians':

• employment and education
• financial stress and financial support from parents 
• living arrangements and housing affordability.

The findings show that many young people are studying, working or combining both as they build their futures. However, insecure employment, housing costs, debt and other financial pressures can make the path to financial independence more difficult.

Housing affordability is a widespread concern, and financial hardship is more common among young people living independently and some groups already experiencing disadvantage.

Parents remain an important source of housing and financial support for many young people. This support was not available to everyone, however, contributing to different experiences of financial pressure and security.

Together, the 3 reports give a broader picture of young people’s financial circumstances in early adulthood. They show that financial independence depends not only on individual choices but also on access to stable work, affordable housing and appropriate support.

Watch

In this short video, AIFS Research Manager and lead author Dr Neha Swami discusses some key findings from the financial experiences spotlight series.