A new survey has revealed increasing concerns surrounding the next generation’s financial future.
Australian grandparents and parents are growing increasingly worried about the financial state for the next generation, the new research has revealed.
A survey of more than 1,000 parents and grandparents by investment bonds specialist Generation Life found that most felt anxious about how their offspring’s finances would turn out.
The survey, conducted between October and November 2018, revealed that 96 per cent of the respondents were worried about their children and grandchildren’s financial future, with 52 per cent fearing that they would not be able to afford a property or live comfortably when they reached adulthood.
The five capital cities in Australia are among the top 20 most expensive housing markets, as per Demographia’s International Housing Affordability Survey. While the Aussie market has been cooling down, house price declines have turned out to be lower than expected.
According to realestate.com.au’s January 2019 report, the median house price in Sydney was still around $840,000, while Melbourne and Brisbane sat at $665,000 and $490,000 respectively.
The grandparents and parents also expressed worries that their younger family members would not be financially secure (49 per cent) or have access to a quality education (25 per cent).
Despite these concerns, more than half of the parents said they were not currently saving up to support their children.
Grandparents fared even worse, with only 15 per cent saving for their grandchildren.
“More than ever, the next generation are going to need help to pay for their education and to get into a house,” said Catherine van der Veen, Generation Life’s joint CEO and managing director.
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This article was made in conjuction with Over60.