From Gen Z to Millennials, young Australians are well and truly screwed

Until very recently, Australians were, on average, the richest people on earth. Though we dropped a couple of spots over the COVID lockdown years, we are still comfortablyAs fun as that fact may be, for the vast majority of Australian Millennials and Zoomers , it sounds like a bad joke aimed at reminding them just how financially hard life is right now, and how economically screwed so many of them are.

Though the unemployment rate for May 2024 sat at 4 per cent , the number of hours Australians are working, declining from an average of 138.7 hours last year to 135.9 hours this year. So while a healthy portion of people are still employed, the rate of underemployment is on the rise. Go back one generation to Millennials and an interesting comparison can be found. The same group, born smack bang in the middle of their generation, came of age at the height of the global financial crisis.

This means that not only did things get worse after they got bad, 15 years on they’re not even better – they’re simply just returning to a break even point.

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