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Economists found a ‘give up’ cliff. Young Australians are teetering

There is a tipping point where young people, overwhelmed by the widening gap between effort and outcome, begin to disengage from traditional financial goals.

Milly Rose Bannister hasn’t given up on her dreams. But she’s frustrated at the growing gap between perceived effort and outcome. Renee Nowytarger

Glen James has been hosting his popular Money Money Money podcast for eight years. Lately, he’s noticed a shift. “When I started the podcast years ago, the vibe from listeners was very much ‘tell me the steps, and I’ll do the work,’” James says. “That energy is still there, but it now sits alongside a growing frustration. People are doing the right things and still feeling like the goalposts keep moving. Especially around property.”

His 100,000+ listeners are generally financially engaged, in their 30s, usually earning six figures, who want to get ahead – they’re listening to a finance podcast on their downtime, after all. But they feel like they’re falling behind. “The conversation has gone from ‘How do I save a deposit?’ to ‘Is it even worth trying?’ for a lot of younger listeners.”

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Lucy Dean
Wealth reporterLucy Dean writes about wealth management, personal finance, lifestyle and leisure, based in The Australian Financial Review's Sydney newsroom. Connect with Lucy on Twitter. Email Lucy at l.dean@afr.com

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