Priced out of a future

This piece was originally delivered as a speech by Year 12 students Allegra, Tobi, Sienna and Juliette at a breakfast event organised by the Committee for Frankston and Mornington Peninsula. Students from local schools were invited to respond to the prompt: “In 2026, the number one issue facing young Victorians is...” This is their response.

Across Australia, it is no secret that the rising cost of living has become potentially the most pressing challenge today.

It’s effect on young people is beyond significant, shaping not only our present experiences but impacting our future opportunities. We believe the cost-of-living crisis is one of the biggest issues facing young Australians today, because it extends far beyond financial pressure. It influences our education, our independence, and our overall wellbeing. 

 Many young people are already working part-time jobs. As Australians, it is ingrained within our culture to begin working early. However, many are not working long hours simply for discretionary spending, but to cover essential expenses such as household bills and tuition fees. I know several peers who are contributing to household costs, and this struggle is impacting their education and mental health. This challenge extends far beyond the public/private school divide, with friends at local public schools working to cover book and uniform fees, alongside friends from private schools working to ensure their tuition is covered and they can continue studying with their friends and familiar teachers. Many students are also having to pay for their own participation in extracurriculars, such as organised sports or music programs. 

This forces those who can’t afford to pay for increasingly expensive activities to stay at home. Ultimately, financial pressures are being put on children as a result of the ongoing financial crisis the nation is facing. This is detrimental to mental health, with students falling behind in school due to work demands and being forced into isolation without access to extracurriculars that contribute to personal development.  

Wages for young people have not kept pace with the rapid increase in living expenses that individuals and families are facing, making it increasingly difficult to stay financially stable. A recent Monash University study estimates that over 85% of young people aged between 18 and 24 experienced significant financial insecurity over the past year. And a recent report by UNICEF stated that over 55% of 12-17-year-olds feel stressed about their future financial security and ability to access housing. This ongoing crisis affects our pathways beyond school. 

The rising costs of tertiary education, housing, and transport mean that opportunities once considered achievable are now uncertain. For many, the prospect of moving out and studying full-time feels financially out of reach, let alone the “Great Australian Dream” of one day owning a house. Many young people are missing out on life-altering experiences such as gap years, international exchanges, or school trips alongside university, simply because their financial future looks too bleak. Many are dropping out early to pursue trades, as university costs rise and the prospect of years in low-paid work for a degree that may still leave them underqualified feels increasingly discouraging. 

More and more young Australians are turning to alternative routes to traditional university and HECS, such as defence sponsorships or free TAFE qualifications, simply because the traditional route is becoming increasingly unattainable in the current economic state. Backpacking as a gap year has become a pipe-dream for many, with careers and some form of financial stability becoming our new “Young Australian Dream”.  

The cost-of-living crisis is having a profound impact on young Australians, drastically impacting their present lives and future opportunities. Many students are having to work alongside their studies simply to help their families make ends meet. This financial pressure is impacting students in both public and private education, and is seriously impacting the mental health of children as young as 12 across the nation. People are struggling to access experiences and opportunities, such as extracurricular participation or gap-year travel, that have long been deemed essential to growing up and shaping your worldview. 

These challenges extend beyond just high school, with many students having to reconsider their long-term career pathways and avoid university simply because the cost is too high. The constant pressure of financial uncertainty creates stress and anxiety, as young people are expected to plan for a future that feels increasingly unstable. What makes this so challenging is that many of us are already exceeding expectations. We are studying, working, and trying to prepare for our futures, yet the goalposts keep shifting. The cost-of-living crisis is not just an economic issue. It is a social issue that is reshaping what it means to be young in Australia, and it is defining our futures. 
 
Given the pre-existing cost of living crisis, specialised private healthcare, particularly mental health facilities, has become increasingly difficult to afford. Hence, 57% of Victorians are restricted to the public health system. According to the AMA since 2023, the number of mental health sessions accessible to Australians has been halved, the total number of public sector mental health beds has declined by 53 beds, and the current Mental Health and Suicide Prevention Agreement has been declared not fit for purpose. It is clear that the mental health services available to Victorians are unacceptable. A recent audit revealed the Victorian Department of Health and Human Services promised 260 adult inpatient mental health beds in 2021. Young people aged 15-24, however, are allowed a shocking 16 beds. Why are we fostering a world in which Victorian teenagers lack suitable support when it’s needed most? 

The services provided are not enough to adequately support young people experiencing urgent mental health episodes. Patients requiring admission to a public hospital bed are experiencing record wait times to access the specialised care they need. The mental health care teams are not well-equipped to appropriately care for their patients. These young people are experiencing symptoms, emotions, and thoughts far more overwhelming than their adolescent minds are prepared for. Of course, it’s going to be challenging for any outsider to navigate. Between 2022 and 2023, only 72.5% of public hospital inpatients in Victoria reported having a significant improvement following their treatment. This is the second-lowest result recorded in the past 15 years.

It is appalling to think that a teenager in crisis may not have the necessary resources to stay alive. A future world-changing scientist, genre-defining artist or community-building teacher could be reduced to just another statistic that another young Victorian will use to argue another point about another calamity until this cycle ends. 

So when will it end?

In Victoria, 26.9 per cent of people aged 18-24 years reported having high or very high levels of psychological distress – a larger proportion than in any other age group. And with this comes differing impacts depending on gender identity. As stated by the Victorian Gender Equality Commission, outdated gender stereotypes affect both the treatment available and the treatment given. The minimisation of women’s and girls’ distress leads to late diagnosis, frequent incorrect diagnosis, and neglectful treatment. And on the other side of the spectrum, continued pressure is placed on young Victorian men to essentially tough it out, further inflaming their crises. 

Often overlooked are the experiences of gender-diverse young people. It’s proven that gender diverse people more often experience mental health issues in comparison to the cisgender population. This remains true for young people in Victoria. Each of these facts points to a system in which young people’s mental health is neglected by our state. And considering over 75% of mental health issues occur before the age of 25, this requires immediate attention from our governments.

While there is no fix-all solution to this issue, there are ways to improve it, especially regarding gender discrepancies. Furthering early prevention for all young Victorians and implementing targeted strategies for each gender. Young boys need to know that asking for help when they need it is vital, and young women’s pain and distress needs to be taken much more seriously. Additionally, further research into how different mental health conditions present from gender to gender, as pre-existing research often overlooks women.

If we, as young people, are expected to move forward in society and help resolve the generational issues we have been burdened with, then this level of mental health crisis cannot continue.