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The phrase "are being squandered" is correct and usable in written English.
It can be used to describe a situation where resources, opportunities, or time are being wasted or misused in the present continuous tense.
Example: "The funds allocated for community development are being squandered on unnecessary expenses."
Alternatives: "are being wasted" or "are being misused".
Exact(16)
Trillions of dollars are being squandered.
Be it renewable energy, manufacturing or urban planning, our natural advantages are being squandered.
It means that the benefits of openness and specialisation are being squandered.
We don't mean dollars, though those are being squandered by the billions.
She, her family, and all their talent and promise are being squandered.
But many believe Peng's star qualities are being squandered, with her overseas appearances heavily scripted and largely low profile.
Similar(44)
"It's being squandered".
Human capital is being squandered.
That potential is being squandered.
Too much cable money is being squandered.
"It seems an opportunity is being squandered".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com