Gen Z in Queensland were more likely to say they felt financially stressed than young people in any other part of the country. Photo: iStock/enjoynz.
New research has revealed that Queensland youth are the most stressed about their finances in the country.
An Australian Securities and Investments Commission (ASIC) study showed that overall 82 per cent of Australians aged 18-26 faced financial stress.
Of all the states and territories, Generation Z in Queensland were more likely than any other to strongly agree that they felt financially stressed.
Regional Queensland youth were more likely than their city peers to say they plan to use or get another buy now pay Later product, at 34 per cent compared with 20 per cent.
Regional and city Queensland youth also differed in their debt and saving levels.
Regional Queensland Gen Z had an average personal saving of $8938.30 compared with an average of $13,244.76 in cities.
As for debt, regional Queensland youth had more than their city peers, with an average consumer debt of $9461.54 compared with $5311.01.
ASIC’s Moneysmart is launching a new consumer awareness campaign to encourage Gen Z to learn money basics and build positive financial habits.
“Gen Zs are driven to learn more and improve their finances but there’s a clear need to engage and help them feel more confident about money. We want to show them that it doesn’t take a lot of time to make a start with small steps that will make a big difference long term,” ASIC CEO Warren Day said.
