New research shows young people struggle with mental ill health and financial insecurity

That follows a report gauging the pressures experienced by young Australians released by Monash University's Centre for Youth Policy and Education Practice that conducted 505 surveys as well as in-depth interviews with young people around the nation.

The 2022 Australian Youth Barometer report provides some startling insights into the mindset of Australia's 18-24 year olds.

The vast majority of young Australians (90 per cent) reported having experienced financial difficulties at some point during the past 12 months and almost one-quarter of young Australians said they experienced food insecurity.

Half went without eating for a whole day because of lack of money at some point during the same period.

The report's co-author Dr Beatriz Gallo Cordoba said the process of interviewing young Australians for the study was bittersweet.

"It was sweet because it's always refreshing to listen to young people and see how articulate and committed they are to whatever they do," Dr Gallo Cordoba said.

"But they were struggling, so it was a bit heartbreaking being in an interview and having a participant say if their paycheck comes today they can afford a week of food, but the next week will it be bread and water because they can't afford anything else."

Most (85 per cent) reported feelings of worry, anxiety or pessimism. Almost one-half often felt as though they were missing out on being young.

Overall, the report indicates that more than half of young Australians surveyed feel they will be worse off than their parents in the coming years.

"What surprised me is how widespread struggle is, how normalised it is.

"People spoke as if it was very normal that they couldn't afford food or they were struggling to find a house in the rental market," Dr Gallo Cordoba said.

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Regional and metropolitan young people's experiences differed on several important issues.

Young people living in metropolitan areas are more likely to think it is unlikely or extremely unlikely that they will be able to purchase a property than those living in rural or regional areas, who are more optimistic about their housing future.

However, young Australians in rural areas were more likely to report experiencing unemployment (69 per cent) than those living in regional and metropolitan areas.

Those in rural areas were more likely to be parents (27 per cent) than those in regional (19 per cent) and metropolitan (8 per cent) areas.

"Whatever happens to young people in terms of social, political and economic development is going to affect the future for all of us, so we better do the best we can to make sure their future and our future is the best possible one," Dr Gallo Cordoba said.

"I am personally very optimistic, just talking to young people in the interviews was really refreshing, and despite the struggles they're facing, I ended up feeling very optimistic about the future," she said.