Inflation Squeezes Young Australians as Rate Rises Threaten Retail Job Losses

Younger Australians may face job losses in retail as rate rises slow spending and hurt business profitability. Those generations already impacted by COVID-19.

Inflation is making cost of living difficult, especially for young people who don't own property or have savings buffers yet.

56% of Gen Z feel financially pressured to get a second job in 2023 due to inflation and reduced spending.

70% of Gen Z, 60% of Millennials feeling financial stress compared to just 29% of Baby Boomers.

RBA trying to balance tackling inflation while avoiding recession and mass job losses which would be devastating.