November 12th 2024.
It's no secret that Australians are feeling less than lucky these days. According to a recent survey by Australian Unity, satisfaction with life in the land down under has reached an all-time low. The survey, which was conducted in June, looked at the overall well-being of over 2000 adults in areas such as the economy, health, and community connectedness.
The results were concerning, to say the least. It seems that the younger generation, aged 18 to 34, is bearing the brunt of the cost of living crisis. They reported the highest levels of mental distress and loneliness. It's no surprise, considering the financial pressure they are under. Many of them are struggling with low incomes, insecure housing, or unemployment, which has greatly impacted their personal well-being.
In fact, the survey found that one in two adults under 55 had to go without essential items due to money pressures. They also felt that they were worse off financially than their parents were at the same age. It's a worrying trend, and it's only getting worse. Esther Kerr, the CEO of Australian Unity's wealth and capital markets, noted that there is a growing gap between the older and younger generations when it comes to well-being.
On one hand, we have the older generation who have assets and savings, while on the other hand, the younger generation is struggling to save and can't even dream of owning their own home. If this continues, we could end up living in a society where well-being and home ownership are only for the wealthy, and it's passed down from generation to generation.
The survey also revealed some concerning trends in terms of health. Australians' satisfaction with their health has dropped to an all-time low, even when taking into account the challenges of the COVID-19 pandemic. The study also found that younger adults and families with lower incomes had significantly lower levels of well-being compared to older adults and those with higher incomes.
Dr. Kate Lycett, the lead researcher from Deakin University, expressed her concern about the growing age and income inequalities in Australia. She noted that these findings go against the idea of social progress, where each generation is supposed to be better off than the previous one. It's a wake-up call for us to address the growing national inequities before they become even more pronounced.
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