Cost of living having major mental health impacts for young Aussies, including sleep issues

New research released by ReachOut on the mental health impacts of stress about the cost of living & the future on young people 

Almost one in three young people in Australia reported the cost of living as one of the issues they are most concerned about, and for 40 percent of those young people the cost of living is having a major impact on their mental health, according to new research by youth mental health organisation ReachOut.

The national survey* of more than 650 young people aged 16–25 years, also found high levels of reported mood and behaviour changes because of cost of living worries. Of those concerned about finances and living costs, 52 percent reported experiencing sleep issues due to these worries, 63 percent said they experienced mood changes, and 57 percent said they lacked motivation because of these concerns. 

Notably, the research also found that young people are not just worried about what’s happening right now, but also what their futures will look like. While over 50 percent of young people identified the cost of living as an area of concern for them, 75 percent also identified worry and stress about the future as an area of concern. 

The research shows that stress about the cost of living and stress about the future are both in the top five most concerning issues for young people, along with study stress, body image, and feeling down and anxious. 

Ashley de Silva, CEO of ReachOut, said that highlighting the mental health impacts that stress about the cost of living and stress about the future are having on young people is vital. 

“The new data which ReachOut has released today tells us that many young people across Australia are so concerned about the cost of living and the future right now that their mental health is suffering. The research shows that young people are losing sleep, their moods are changing, and they lack motivation. 

“The findings around sleep difficulties jump out as a key area of concern because we know that sleep and mental health can be inherently linked. Without a proper nights’ sleep it may become even harder for young people to deal with the stress they are currently experiencing and stress in the future too. 

“We need to shine a spotlight on the mental health impacts of the cost of living, encourage young people to take a proactive approach to supporting their mental health right now, and encourage young people to seek support if they need it. 

“It’s never been more important to find practical solutions to financial pressures. However, we also recommend steps such as carving out small pockets of time to do simple things that bring positivity into your day and improving your sleep hygiene. These actions can have a significant impact on how you experience stress about the cost of living stress and the future during this tough time,” he said. 

Despite cost of living concerns, encouragingly, more than 60 percent of young people surveyed reported feeling optimistic about the future often or some of the time. 

ReachOut provides support for young people dealing with stress about the cost of living and the future via mental health information and resources, ReachOut’s Online Community, and one-to-one peer support via ReachOut PeerChat. For information and support young people can visit ReachOut.com. ReachOut also provides support for parents of teens at ReachOut.com/Parents.