Young Australians delaying life goals due to pandemic and feel pessimistic about future


A majority of young Australians feel uncertain about their financial future and are delaying major life goals due to the Covid-19 pandemic, a survey has found, revealing widespread pessimism.

Eighty-four percent of 1,000 millennial and Gen Z Australians said that getting a job and entering the workforce has become harder since Covid-19.The survey, conducted by ME Bank, asked 1,000 Australians between the ages of 18 and 39 about their financial futures during September.

Sixty-five percent overall said it was not achievable anymore for young Australians to retire before 65.The vast majority of those surveyed said the Australian dream - defined as owning a "Dream home" and retiring by age 65 - was harder to do now than in previous generations.

Viv Micic, a 20-year-old from Melbourne, said she and her peers felt more pessimistic about their futures, and were struggling to find even entry-level jobs.

A 2019 Grattan Institute report found young Australians were projected to be the first generation since federation to not reach a better standard of living than their parents.

"I've got cousins and nieces and nephews and friends that have really struggled and had their jobs impacted by the pandemic.

Source: The Guardian
Young Australians delaying life goals due to pandemic and feel pessimistic about future Young Australians delaying life goals due to pandemic and feel pessimistic about future Reviewed by Kanthala Raghu on November 05, 2020 Rating: 5

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