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