Seniors help with family and finance

OLDER Australians are babysitting their grand-children more and helping their children out financially, a survey of people 50 years and over has revealed.

The University of Adelaide survey showed younger people were 76% more likely to get financial help from their parents than older Australians.

People older than 50 with parents and adult children were also more likely to give their children money (71%) compared with their parents, while 29% gave money to both their children and parents.

Childcare and babysitting grandchildren were the most common types of practical help provided to children (33% of all practical help provided), followed by home maintenance/gardening (20%) and transport (14%).

The research also found financial transfers within families mainly came from older to younger generations.

Practical help, on the other hand, was exchanged between both the younger and older generations.

More then 600 older Australians were survey in the study for National Seniors Australia.

 

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