A new survey draws into question one of our proudest, most unshakeable boasts as a country: to leave the next generation with a better quality of life than we enjoyed.

It reveals that only 8 per cent of young Australians believe they'll be better off than their parents – and only 4 per cent believe that they'll be happier.

Proof that young Australians face a painful struggle. Remarkably, nowhere else in the world is the figure so low.

That less than 1 in 20 believe they'll be happier than their parents is all the more remarkable and depressing, because it belies the gloss and fireworks of low unemployment and jobs growth. We're told things are going well.