The CPRC report pointed to the number of young people borrowing money from family or going into debt during the crisis. About 34 per cent said they had accessed their savings, with eight per cent also drawing on their limited superannuation. Between mid-March and early May 2020, jobs worked by people aged 20 years and under fell by 14.6 per cent, the biggest rate of job loss among all age groups.
Young people are most at risk of financial stress due to the coronavirus according to a new survey.
The Consumer Policy Research Centre (CPRC) has commissioned six, monthly surveys to track consumer confidence and spending as Australia slowly emerges from the crisis.
Just over 1,100 people responded to the survey, commissioned by the Consumer Policy Research Centre which found young people and renters are struggling to stay afloat during the pandemic.
Conducted by Roy Morgan in May, the first survey of six highlighted the vulnerability of young people aged between 18 and 35.
While people of all age groups were surveyed, young people were more likely to raid their savings and take on debt to stay afloat during the pandemic.
Lauren Solomon is the CEO of the Consumer Policy Centre.
"Aggregate numbers really don't tell the full story. What we are seeing now throughout the entire survey is casual workers, renters and young people reporting higher levels of concern in their ability to meet basic household expenses and also having trouble accessing available support," she says.
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