As has been revealed by a new survey, Australia's youth was the one that bore the brunt of the global financial meltdown the most, while older workers recorded relative hikes in earnings and job stability.

At the same time, the youth of the nation also increased its spending despite the unemployment and job losses and relatively smaller increases in salaries, which hinted that they are more optimistic as far as the future goes.

Relatively higher unemployment was experienced by the 18 to 24 year old age group. Also, this group saw substantial losses in full-time employment and lesser salary payments as compared to the other age groups in a year up-to December 2009.

"Younger workers, with lower levels of skills and experience, may not be able to negotiate pay increases during a period of economic downturn, or ... are more likely than older workers to have their hours reduced", the survey said.