New research has revealed the cost of living as the single biggest concern for young Australians , with the affordability of housing and rent also significant causes for worry .

The headspace National Youth Mental Health Survey asked young people to name their top three concerns , with financial instability and cost of living coming out on top . The issue was cited by 54 per cent of participants aged 18 - 25 as something they wanted to see addressed urgently .

The next most common concern among 18-25-year-olds was housing affordability , with 42 per cent listing it as one of their top concerns .

When asked to describe how worried they were about their ability to one day afford their own home , 71 per cent of participants reported they were fairly worried or very worried , while 61 per cent told headspace they were fairly or very worried about the cost of rent .

The headspace Youth National Mental Health survey also found that over half of participants aged 18-25 ( 52 per cent ) said they are hesitant to have children because of the cost of living .

The survey data features as part of a headspace submission to the Senate Select Committee on the Cost of Living .

The submission from headspace details key focus areas for government , including improving access to and out of pocket expenses for mental health services ; investment in vocational services ; the need to identify and support young people not captured in unemployment data ; and the need to strengthen financial support for low-income earners and jobseekers . headspace CEO Jason Trethowan said : “ Young people are telling headspace they feel anxious about how the rising cost of living is going to impact their ability to achieve major life milestones , like moving out of home or saving for a house .

“ Young people should never have to worry about having a safe place to call home .

“ We know financial security is a protective factor for good mental health , and changes to a young person ’ s financial circumstances can place their mental health under stress .

“ Whether it be for support navigating their study or employment choices , or to find mental health support in tough times , we encourage young people to reach out to services like headspace for help .

“ It is also incumbent on governments to take steps to alleviate these pressures , so that young people and their families can afford the things they need to lead

happy , healthy lives .

“ Together we need to be finding ways to help young people feel optimistic about their futures .”

University student Grace Sholl , from Queensland , said cost of living pressures are impacting her mental health .

“ As a young person with anxiety and depression , I ’ m finding the cost of living really challenging ,” the 21-year-old said .

“ Daily activities like grocery shopping can be stressful , because I ’ m constantly thinking about how much I can afford to spend on basic needs .

“ I ’ m often opting for extra shifts at work instead of focussing on my university study , because I need the income to get by .

“ I want young people who are finding it tough right now to know they are not alone , and that it helps to talk to other people – whether it ’ s a trusted family member or friend , or a professional service like headspace .

“ It ’ s important governments and communities listen to young people when we say we ’ re doing it tough , and work together to explore ways the system can better support the mental health of young people .” headspace centres and online staff can help with a range of career counselling services including looking

for and applying for jobs , writing a resume and cover letter , preparing for a job interview , exploring study options , enrolling in study , navigating community support services such as the Centrelink system , understanding workplace rights , transitioning into a new job or course or balancing mental health and wellbeing with work or study .

Young people aged 12 to 25 , as well as their family and friends can visit headspace for support . Help is also available via phone and online counselling service , eheadspace , seven days a week between 9am – 1am ( AEST ). The number is 1800 650 890 .

If you ’ re looking for someone to talk to immediately , Lifeline ( 13 11 14 ) and Kids Helpline ( 1800 55 1800 ) are available to talk 24 / 7 .