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Young Australians face 'debt tsunami' during COVID-19 crisis

Source: Supplied

Young people were twice or three times more likely to miss household bills than the general population, are twice as likely to miss a rental or energy bill payment and three times more likely to miss insurance payments.

New research into consumer habits and attitudes during the peak of the coronavirus pandemic reveals alarming statistics surrounding young people facing a debt tsunami. 

The Consumer Policy Research Centre study shows between May and July, young Australians especially were increasingly turning to loans or borrowing money from others.

The centre's chief executive Lauren Solomon says young people are bearing the brunt of the financial crisis a lot more than any other group.

"They are turning to borrowing from family and friends at much greater rates, they are taking up personal loans at much greater rates. When they get knocked back potentially from personal loans then they are turning to pay day loans and also a lot more access for young people going out to emergency relief and community support agencies this month as well. It does suggest that young Australians really are reaching out to every avenue available and those avenues are increasingly looking quite stark and certainly putting them in a precarious position."

To hear the full report click on the audio link above.

People in Australia must stay at least 1.5 metres away from others. Find out what restrictions are in place for your state or territory.

Testing for coronavirus is now widely available across Australia. If you are experiencing cold or flu symptoms, arrange a test by calling your doctor or contact the Coronavirus Health Information Hotline on 1800 020 080.
The federal government's coronavirus tracing app COVIDSafe is available for download from your phone's app store.

SBS is committed to informing Australia’s diverse communities about the latest COVID-19 developments. News and information is available in 63 languages at http://www.sbs.com.au/coronavirus

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