New data from the National Centre of Vocational Education Research (NCVER) shows more young people are experiencing financial stress.
The report, Generation Z: life at 23, draws on results from the Longitudinal Surveys of Australian Youth (LSAY) to explore how 23-year-olds fared in 2023. According to the report, 37% of 23-year-olds reported financial stress, up from 30% when they were 22.
The study also found that 19% of 23-year-olds skipped meals because of a shortage of money, up from 15% when they were 22. The proportion who went without medical care rose from 17% to 22%.
NCVER Managing Director John King said, ‘The impact of rising financial stress is affecting many young people’s ability to transition smoothly into adulthood.
‘Our data shows Generation Z is more likely to still be living at home compared with their millennial counterparts. In 2023, 55% of 23-year-olds were still living with their parents, up from 50% of 23-year-olds in 2014.
‘About one in ten 23-year-olds were not engaged in either study or work in 2023. Many had difficulties finding work or challenges related to health.’
Among those not engaged in work or study, 58% were looking for work. Of those not working, studying or looking for work, 36% were sick or otherwise unable to work, and 24% were engaged in home duties such as caring for children.
The data also showed the majority of 23-year-olds were employed in 2023, with 47% working full-time and 31% working part-time. However, one in four were looking for additional work or to change jobs, and nearly one in three part-time workers were seeking more hours.
Background:
The Longitudinal Surveys of Australian Youth (LSAY) follow young Australians from the age of 15 up until they are 25, exploring young people’s experiences as they leave school, begin post-school study, and enter the workforce. LSAY uses large, nationally representative samples of students at school to collect information about education, training, work, financial matters, health and social activities.
Generation Z: life at 23 brings together information from LSAY participants who commenced the program in 2015 and uses findings from their 2023 interviews to explore their engagement with study and work alongside measures of their health and financial stress.
Download the infographic: Generation Z: life at 23
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Enquiries: Chantal Deutrom P: +61 8 8230 8418 E: chantaldeutrom@ncver.edu.au
About NCVER: we are the main provider of research, statistics and data on Australia’s VET sector. Our services help promote better understanding of VET and assist policy makers, practitioners, industry, training providers, and students to make informed decisions.
This work has been produced by NCVER on behalf of the Australian Government and state and territory governments, with funding provided through the Australian Government Department of Education.