- 84% of surveyed Australian Gen Zs and Millennials say their wellbeing has been impacted due to money concerns, with 45% saying their mental health has been impacted.
- Three in ten young Australians feel financial pressures are impacting their sleep, decision-making ability, concentration, or self-esteem.
- 40% of those surveyed have cut back on essentials, including groceries, transport, and healthcare, while more than one third are no longer contributing to savings.
- Around one in three young Australians have delayed or avoided visiting a doctor or dentist, with 28% facing the same choice when it comes to paying bills.
- 29% have either delayed visiting a mental health specialist or filling a prescription or purchasing health-related products.
A large majority of young Australians are experiencing impacts on their wellbeing from financial pressures created by cost of living and housing crises, according to research from P&N Group (P&N Bank and BCU Bank).
P&N Group’s More than Money research, conducted by Painted Dog Research, revealed 84% of Gen Z and Millennial Australians believe their wellbeing has been impacted due to money concerns and the ongoing cost-of-living pressures, with 45% saying their mental health has been impacted.
Three in ten young Australians feel financial pressures are impacting their sleep, decision-making ability, concentration, or self-esteem. And 29 per cent of respondents had delayed visiting a mental health specialist or filling a prescription or purchasing health-related products.
P&N Group’s Head of Virtual Banking, Jacob Wrigley said the research findings indicate a strong link between financial wellbeing and mental health and wellbeing, with the majority feeling that improving their knowledge relating to finances would improve their mental wellbeing.
"What we’ve uncovered is the difficult reality many young Australians are experiencing, with only 3% of Gen Zs and Millennials feeling they are thriving financially,” he said.
Gen Zs are feeling more impacts on average than Millennials, highlighting the worrying effects hustle culture is having on their wellbeing, how much people have been forced to cut back, and the significant and challenging decisions they’re having to make about their futures.
“Of those surveyed, two in five have cut back on essentials, with one in ten opting not to have children because of the costs involved. They are also more likely to have delayed moving out of home, which can place a greater financial burden on parents as they approach retirement,” Wrigley added.
Further, the research indicated hustle culture is creating pressure for young people to constantly work harder and do more, but many feel this isn’t enough. 78% of young adult respondents believe they need to work harder to achieve less than their parents, with three in four agreeing that the idea ‘anyone can make it if they try hard enough’ feeling outdated.
74% of respondents under 35, feel constant pressure to turn their hobbies into income and are constantly chasing work, compared to 57% of those aged 35 to 44, with those that are struggling financially more likely to feel the need to turn hobbies into income.
“One in five young Aussies are avoiding proactively reviewing and managing their finances entirely, finding it too overwhelming or stressful. Worryingly, those falling behind are less likely to believe financial knowledge can improve their mental wellbeing, reflecting a sense of helplessness and less active money management,” Wrigley said.
“We don’t have all the answers, but this research helps us better understand and acknowledge what it’s like being a young person in Australia today.
“It’s important to note it’s not all doom and gloom. The research also shows some positive signs, with close to half of those surveyed reviewing their spending regularly or setting personal money goals, which is the first step to taking control of your finances.
"While these generations have grown up in uncertain times, there seems to be more opportunity for self-education and empowerment to take ownership of financial literacy.
“I can see a change in the younger generation over the last five years, with some seeming to value financial freedom over traditional milestones, such as marriage or buying a home. Alongside this, social media has normalised having conversations about money and made saving and investing information more accessible and relatable than ever.
“Our role is to help our customers take control of their money and make banking feel less overwhelming. We’re focused on building real, meaningful relationships and giving our customers the knowledge and confidence to make smarter financial decisions, no matter where they are on their financial journey.”
The results referenced in this article are based on a survey of n=808 Gen Z (aged 18+) and Millennial respondents, collected between 19 May and 9 June 2025.