Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Bad news for first home buyers as 'mum and dad bank' closes doors

Staff Reporter 3 minute read

New research conducted by St George has found about half of all parents with adult children are now no longer willing or able to provide the same level of support to their children as they have in the past.

According to the survey 70 per cent of baby boomers said the financial crisis had eroded their assets’ value while 71 per cent said they were concerned about their financial situation.

For first home buyers these results are concerning as 40 per cent of Gen Ys expect their parents to help them buy a house.

The survey also found many first home buyers will have difficulty with new genuine savings requirements.

Advertisement
Advertisement

According to St George one in four Gen Ys say they have never had to budget and/or save while 35 per cent say they’ve only saved for a short period.

Just 36 per cent rated themselves as experienced at budgeting or saving.

Bad news for first home buyers as 'mum and dad bank' closes doors
default
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

PROMOTED CONTENT


default

 

more from the adviser
damian zaleski RYyr k3Ysqg unsplash

Breaking News

GetCapital launches broker platform

The business lender has rolled out a new broker platform, as it h...

fixed rate

Breaking News

Loyalty tax issue flagged to MPs

Brokers are key to holding lenders to account to ensure borrowers...

trade deal contract

Breaking News

Connective launches trail book marketplace

The aggregation group has announced a new arrangement with a spec...