Government needs to address the nation’s inequities to boost Australians’ wellbeing, says an expert.
A survey conducted by Deakin University shows record low satisfaction with life in Australia, with young adults especially dissatisfied with their lot.
The high cost of living, mortgage and rental strain, and growing wealth disparities all add to our collective malaise says the study, which measured the wellbeing levels of more than 2,000 Australians.
Dr Kate Lycett – from Deakin University’s School of Psychology and lead researcher of the Australian Unity Wellbeing Index – said the findings show social progress regressing “and point to an urgent need to tackle growing national inequities”.
Australians’ satisfaction with their ability to afford the things they need was the strongest factor differentiating high and low wellbeing.
The annual survey – one of the world’s longest running national studies of subjective wellbeing across the adult lifespan – found Australians on low incomes or unemployed reported the poorest wellbeing.
Drilling further into the findings, Lycett and her team found that one in two adults under 55 years’ old reported going without essential items because of money pressures and felt financially worse off than their parents were at their age.
The importance of secure housing was also reaffirmed by the study’s findings with renters reporting lower satisfaction with their financial security compared to home owners (even those with a mortgage).
Asked what government could do to boost the nation’s wellbeing, Lycett told GN there was no one silver bullet to fix Australians’ angst. However, Lycett said an important place to start is for policy makers to address the growing wealth inequalities within Australia.
“The current economic system is not working for most people, as reflected in our latest results. Boosting welfare payments to those in need and properly funding public education are two evidence-based policy actions that government-led departments and committees have called for and would help start addressing the inequities.”
And it’s those inequities that are driving the wellbeing divide, said Lycett – across incomes and generations.
“Many boomers have had a very good run. The systems they’ve designed continue to serve them but not younger Australians, who are increasingly losing hope in the current state of things,” Lycett told GN.
“The focus on short-term policy-making in Australia is clearly not working for people,” she added. “In 2024, we need to ask ourselves, and particularly those in power, what type of country do we want to be – if we want to boost our collective wellbeing, we need to deal with the big issues facing our nation and stop tinkering at the edges.”
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