You Can’t Take it With You

More than two thirds of Baby Boomer parents are handing over an “early inheritance” to help their children and grandchildren get into the property market.

New research from Australian Unity shows that 65% of Baby Boomers have given $10,000 or more to a child or grandchild, the most common motivation for which is to help with buying property.

The research shows the average sum given for first home purchases is $75,800, although the wealthier the boomer, the higher the input.

About 53% of respondents say they are handing over cash to help with cost-of-living pressures.

If not to buy a home they are contributing to provide “financial stability”, buy a car, pay for education or reduce debts.

The payments didn’t always come without strings attached with 43% of respondents saying they gave money to their children or grandchildren in the hope they will have a bigger part to play in their lives.