After your children left the nest, no denying you missed them.
But if you’re still supporting your adult children, it turns out you’re not alone.
A new report by the NSW Department of Family and Community Services has revealed many Baby Boomers are still providing financial support to their adult children.
“They acknowledge it is tough for young people to get started these days with a highly competitive job market and unaffordable house prices,” the report said.
“However, the burden of this financial dependence is taking a toll on some young boomers. In a time when they should be winding down their working lives and enjoying their increased disposal income, some feel they are working harder than ever to support children.
“In a time when they should be winding down their working lives and enjoying their increased disposal income, some feel they are working harder than ever to support children.”
One of those Baby Boomers, Angelo Andrew, shared his story with the Sydney Morning Herald.
Three of his four children aged between 19 and 25 are living at home still.
The 52-year-old said he was preparing himself for their future.
“Although my children are quite independent, they are happy to stay at home because it is a lot cheaper than moving out and finding their own accommodation, whether that’s renting or buying,” he said.
“And we are happy to have them at home. For how long? We’re not sure. They are going ahead in their careers and extending their education.
“If they don’t have some kind of support from their parents, I am afraid they won’t be able to afford for many years to achieve what we’ve achieved in the earlier years of our lives because the housing market and the cost of living is overtaking incomes.”
There’s more to the statistics.
A research report by the NSW Ageing Strategy also found that most workers aged 50 to 60 would need to work well beyond the age of 60 to be financially stable in their retirement.