Sydney, March 13 : A new report published on Thursday highlighted the growing struggles of young Australians, who are facing mounting financial stress, worsening mental health, and declining confidence in political institutions.

The cost of living has now surpassed all other concerns, becoming their top priority, according to the study conducted by researchers from the Bankwest Curtin Economics Centre, Curtin University.

The study's report, which surveyed Australians aged 14 to 25, sheds light on their biggest challenges and the changes they want to see. Alongside economic hardship, mental health, and education reform, the report also emphasises their role in driving social change, particularly in addressing discrimination, racism, and gender inequality.

Report co-author Prof Astghik Mavisakalyan called for policy changes to better support young people, who are grappling with financial uncertainty and increasing mental health struggles.

Alarmingly, three in ten young women experience high psychological distress, twice the rate of their male peers, while social isolation remains a serious issue despite widespread social media use, Mavisakalyan said.

The financial strain is particularly acute, with one-third of young Australians citing the cost of living as a personal burden and 56 per cent identifying it as one of the country's most pressing issues, Xinhua news agency reported.

The report also raises concerns about social media's impact on mental health, with frequent users more likely to experience anxiety and stress. While the government's proposed national social media ban aims to curb these negative effects, experts caution that unintended consequences could arise, particularly for vulnerable groups.

Australia's higher education system also came under scrutiny, with young people frustrated by the increasing financial burden of student loans and the Job-ready Graduates Package, which have strayed from their original purpose of providing fair access to education, instead leaving graduates with heavy debt, lower disposable income, and heightened financial insecurity, said co-author Prof. Mike Dockery from the Bankwest Curtin Economics Centre.

/IANS