Australian youths delay healthcare as costs bite

Half of Millennials postponed healthcare appointments amidst rising expenses.

Australian youths postpone healthcare and financial planning amidst rising costs, pushing them to rely on borrowing or taking on extra jobs.

Younger Australians, including Generation Z and Millennials, report higher levels of hopefulness but experience greater financial exposure, according to an IAG survey. 

To manage rising costs, 45.5% of Millennials rely on debt, and 47.7% have delayed healthcare appointments.

Meanwhile, 60.5% of Generation Z individuals have taken on extra paid work or side hustles.

In contrast, Baby Boomers express lower optimism at 46.1%, compared to the national average of 56.7%, but are more likely to possess financial buffers and take protective measures against disruption.

The findings also showed that 67% of consumers and 64% of small-to-medium enterprises (SMEs) experienced significant disruption over the past year. 

Despite these challenges, 58% of consumers and 72% of SMEs maintain a positive outlook on the nation's future.

The findings form the basis of the inaugural IAG Resilient Futures Report and the IAG Risk Index, a national benchmark tracking public confidence and exposure to risk across 2,400 participants. 

According to the data, cost-of-living pressures are the primary concern impacting day-to-day spending and financial preparedness.

Extreme weather is also emerging as a prominent operational risk, with 48% of small businesses reporting impacts from climate-related disruption over the last 12 months. 

The report notes that gaps remain in critical areas such as business continuity planning, backup supply chains, and regular insurance reviews.

IAG Managing Director and CEO Nick Hawkins stated that macroeconomic headwinds, including global conflicts, are placing additional strain on household budgets, constraining spending, and eroding savings. 

Hawkins noted that whilst risk awareness is high, public confidence and preparedness are not always keeping pace.