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Australian adults are getting by with a little help from mum and dad. A nationally representative Finder survey of 1,011 adults asked 445 parents with children over 18 about the financial support they provide to their kids.
Most adult kids fly the nest eventually, but for many, financial support from their parents remains ongoing. Finder research shows that almost half (44%) of Australian parents help their adult offspring out with expenses.
According to Finder's research, almost a quarter of Aussie parents (23%) pay for their adult children's groceries.
Around 17% allow their adult children to live at home rent-free, while 7% charge board or low rent. A further 14% cover their adult children's bills, while 1 in 10 (9%) provide free childcare for their grandchildren.
That same number (9%) fork out for their child's car-related costs like registration fees and petrol, while 6% pay for or subsidise tertiary education. Travelling isn't off the cards either, with 7% of parents forking out for some or all of their adult children's holiday costs.
South Australia has the highest proportion of parents who support their adult kids financially, with over half opening their wallet (54%). This is followed by Victoria, where 1 in 2 parents (50%) help out their kids with money.
But adult kids in Western Australia might feel they are on their own by comparison. In WA, just 34% of parents provide financial assistance, but keep in mind that this still accounts for 1 in 3 parents.
As any first home buyer knows, property in Australia is notoriously expensive, especially in capital cities. A recent study by Domain found that it would take a couple aged 25-34 years old 6 and a half years to save a 20% deposit for an entry-level house price in Sydney ($680,000), and 6 years for a similar property in Melbourne ($600,000).
Unattainable property prices mean that many young Australians require a financial leg up to get a foothold in the market. Finder's research shows that 7% of parents have either chipped in for a house deposit, while 3% have gone guarantor for their child. But the funding doesn't stop there – a further 3% of parents help their children out with mortgage repayments as well.
Offering financial support to adult kids can be the big break they need to get ahead, especially for big-ticket items like a home loan or tertiary education. But this generosity can sometimes come at a cost. That's why as a parent, it's important to ensure to safeguard your own financial position and be realistic about the potential risks involved.
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