Grandparents Forking Out For Homes
The bank of mum and dad have long been there to lend a hand to their adult children trying to break into the housing market and now research shows a growing number of grandparents are being called upon as well.
McCrindle Research says grandparents are helping buy or allowing their grandchildren to live with them rent-free to help them save a deposit.
It says 12% of Generation Z buyers received financial support from their grandparents to buy their home while 11% live with them for free or for a reduced rent.
Principal social researcher, Mark McCrindle, says grandparents are increasingly playing a greater role in the lives of their children and grandchildren, particularly for their education and home purchasing.
Almost one in five Generation Z had received help from their grandparents to pay for their education.
“As we look to the future and an increasing amount of wealth will be transferred to younger generations, grandparents will see to continue to have a building impact on the financial climate of Australia,” McCrindle says.
