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

by Staff Reporter7 minute read
The Adviser

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.

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.

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