Baby Boomers think young people are doing it tough. Most don’t want to help out though: survey
Most Australian Baby Boomers think younger generations have it tougher than they did – or at least face similar financial hardships – but at the same time aren’t willing to help out if that’s going to impact their own lifestyle.
That’s according to research from AMP released last week, which found 80 per cent of people aged 65 and over think “their children face harder or similar financial challenges now compared with them at the same age” amid the housing crisis and surging cost of living.
However, 70 per cent said they would be unwilling to adjust their lifestyles to help their children tackle the challenges.
At the same time, three-quarters of over 65s said it was important to pass on wealth to their children.
The research found the most common form of support retirees were willing to offer was in the form of accommodation – allowing their children to live at home for longer.
The research comes after another report from AMP said it was little more than good luck that allowed Baby Boomers – those born between 1946 and 1964 – to become Australia’s wealthiest generation.
Treasury Secretary Steven Kennedy said last week that young people have not been afforded the same access to the housing market as older generations.
Australians aged between 25 and 39 in 1991 were three times more likely than someone the same age in 2021 to own their home outright, according to the last Census, and that was before rents and house prices surged following the pandemic.
While the nation is desperate for greater housing stock to help combat that crisis, AMP’s research found 80 per cent of over 65s have too great an attachment to their family homes to consider downsizing.
