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Recent research has suggested significant negative effects of the Global Financial Crisis (GFC) on mental health and wellbeing. In this paper we suggest that the developmental period of late adolescence may be at particular risk of economic downturns. Harmonizing four longitudinal cohorts of Australian youth (N = 38, 017), we estimate the impact of the GFC on one general and 11 domain specific measures of wellbeing at age 19 and 22. Significant differences in wellbeing in most life domains were found suggesting that wellbeing is susceptible to economic shocks in most life domains. Given that the GFC in Australia was relatively mild, the finding of clear negative effects across two ages is of international concern.


Institute for Positive Psychology and Education

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Open Access Journal Article

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Open Access

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Psychology Commons