And in Ballarat there is real concern that many young people are not seeking assistance, and instead accessing limited superannuation, which could hold disastrous long-term ramifications.

New findings from the Consumer Policy Research Centre (CPRC) paint a disturbing picture for young Australians during the pandemic.

OTHER BALLARAT CORONAVIRUS NEWS

The figures show that young Australians are three times more likely to have taken on a loan from a payday lender or consumer lease in July and twice as likely to have taken out a personal loan just to survive.

CAFS chief executive Wendy Sturgess said she was concerned that there had not been a big uptake in the free financial counselling that could be offered to those getting into hardship.

"Sometimes young people are not aware of services on offer," Ms Sturgess said. "I think it's a deep concern that so many young people have taken money and wiped out their superannuation, particularly those that don't have a lot, and most typically they are younger people."

"We also know younger people looking to pay day lenders. It appears from what we are seeing, young people are seeking those options first. We want them to know we are here, we are happy for those to reach out and get financial counselling

"It's really a significant thing to withdraw your super, and we're very concerned about, long reaching impact on them."

The research shows that 49 per cent of renters are now concerned about how they will pay their rent, up from 37 per cent in the previous survey conducted in May.

It also indicates 35 per cent are concerned about their mortgage, up from 27 per cent, while 34 per cent are now concerned about the price of energy bills from the amount of time they are spending working from home.

Other concerns relate to ongoing issues about insurance (25 per cent to 31 per cent), credit (22 per cent to 26 per cent) and telco bills such as mobile phone and internet (20 per cent to 25 per cent).

Berry Street Regional Director (Western Region) Andrew Lowth said there was no doubt young people were struggling.,

"The pandemic has had an impact on all of us, but particularly for young people who have difficulties finding work, finding accommodation, having positive friendships and relationships .... the past few months have been particularly hard on them," he said.

CPRC chief executive Lauren Solomon said it was clear there was increased concern around housing affordability and managing bills.

"What concerns us in these recent results is that we've seen a spike in young people turning to high cost and high-risk credit products just to make ends meet," Ms Solomon said. "Over 300,000 young Australians right now are taking out payday loans to manage basic household expenses."

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