For young Aussies, 4 decades of financial disadvantage only got worse during COVID-19

Embargoed until: Publicly released: 2021-03-01 05:00

Australia; VIC

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When it comes to financial stability during the COVID-19 pandemic, young people were disproportionately disadvantaged according to Aussie researchers. Despite numerous government initiatives to keep the economy stable during this time, young people have been more likely to lose their jobs, less likely to meet inclusion criteria for the more generous JobKeeper initiative, and more likely to take up the self-funded early superannuation draw-down option. They are also potentially facing dramatically increased university fees from 2021. Society is not being as inclusive and respectful of young people in return when it comes to economic protection, say the researchers, and this has been a result of not only the pandemic, but policy over the last four decades which has seen a rise in house prices, university fees and an unstable work force.