New support for young people stressed about work and money during COVID-19

24 September 2020

New research from ReachOut shows that the number of young people in Australia concerned about work and/or finding a job has increased from 25.0 per cent in January 2020 to 37.5 per cent in July 2020.

The nationally representative survey of 1000 young people conducted in July also found that 42 per cent of those surveyed indicated that money was one of the top issues on their mind right now.

ReachOut has released new online resources and support to help young people manage the stress they are experiencing about work and money due to the economic impacts of COVID-19. This includes a video series about budgeting hacks, called The Money Hacks Challenge, featuring the real life experiences of three young Australians.

Ashley de Silva, CEO of ReachOut, said that with the national youth unemployment rate now over 14 per cent, it was understandable that some young people are worried about what the economic outlook means for work and their financial situation.

“The uncertainty of the economic situation because of COVID-19 is a significant factor causing stress for young people in Australia right now. Many young people were hard hit by job losses and cuts to working hours, and continue to face an uncertain future.

“For young people this is their first experience of recession, and they need easy access to information about finding work, managing finances and dealing with the impacts of work and money stress on their mental health.

“We need to support young people when it comes to the practical aspects of experiencing a recession including the ups and downs of employment, and living on tighter budgets.

“We know that stress can have a huge impact on mental health and this data indicates that large numbers of young people are really concerned about how they are going to find work – or secure enough work – to pay their bills.”

ReachOut’s new support around work and money is available for free online 24/7. It offers practical advice for young people, their parents and also schools about work and money and also tips on how young people can look after their mental health in a proactive way and where young people can seek help if they need it.

Finance expert, Glen James, creator and host of podcast My Millennial Money has partnered with ReachOut on the work and money support, drawing on his expert knowledge of finance to advise young people and their parents.

“Unemployment, underemployment, mounting financial pressures and debt can be stressful and overwhelming.

“These new resources provide practical advice for young people and the steps they can take to manage this aspect of their lives, even during these really tough times.

“Taking control of your financial situation can be really empowering and parents can play a big role in talking to and working with their young person on their finances.”

*ReachOut Study conducted January 2020 (pre-covid). Sample n=1485, representative for metro/regional, gender. Could select up to 3 key issues out of a possible 12 options. ReachOut Study conducted July 2020 (during COVID). Sample n=1000, representative for metro/regional, gender. Could select up to 5 key issues out of a possible 16 options.

Key links

For young people:

• https://au.reachout.com/everyday-issues/work-and-money

• https://au.reachout.com/articles/the-money-hacks-challenge-spend-less

For parents:

• https://parents.au.reachout.com/common-concerns/everyday-issues/work-finances-the-future-and-teenagers

• https://parents.au.reachout.com/common-concerns/everyday-issues/things-to-try-work-finances-the-future/teaching-your-teen-good-money-habits

About ReachOut

ReachOut is the most accessed online mental health service for young people and their parents in Australia. Their trusted self-help information, peer-support program and referral tools save lives by helping young people be well and stay well. The information they offer parents makes it easier for them to help their teenagers, too.

ReachOut has been championing wider access to mental health support since they launched their online service more than 20 years ago. Everything they create is based on the latest evidence and is designed with experts, and young people or their parents. That’s why ReachOut is a trusted, relevant service that’s so easy to use.

Accessed by more than 2 million people in Australia each year, ReachOut is a free service that’s available anytime and pretty much anywhere.