A new study by the Australian Institute of Family Studies (AIFS) has revealed that Australian parents are more willing to let their adult children move back home (63 per cent) than to allow mum or dad to move in (47 per cent). The study also showed that the older the adults became, the less likely they were to want their elderly parents to live under the same roof.
While Australian parents may not want their own parents with them, they were more willing to offer financially support, with 64 per cent suggesting that, if asked, they would help mum or dad financially. By comparison, only 59 per cent said they would offer the same kind of support to their adult children.
“Australian families acknowledge they have responsibilities to help older and younger generations with financial assistance and even a place to live in some circumstances,” said AIFS Director Anne Hollonds.
The study revealed that migrants from non-English speaking countries were more likely to welcome elderly parents into the home (65 per cent) than non-migrants.
“Within families, there’s a recognition that intergenerational support is a two-way street – both for young people finding their feet but also for older family members who are becoming frail and in need of informal care,” said Ms Hollonds.
What do you think? Do you hold a similar train of thought to the findings? Or would you be more than happy for a parent to move in with you under the right circumstances? And what does this mean for your retirement savings?