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."
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