Baby boomers aren’t selfish and prove this by handing over $23 billion last year to help their adult children and elderly parents, new research has found.
Conducted by the University of Adelaide for lobby group National Seniors Australia, the study found the over-50s helped their children buy their first homes or go through university and also chipped in to cover the cost of living and aged care for their parents.
“The study shows baby boomers aren't the selfish and greedy generation of long-held stereotypes,” National Senior chief executive, Michael O'Neill, said in a statement last Thursday.
“In fact, it appears the over-50s are quietly picking up the slack in areas where public policy has failed.
“They're helping their children through university and into their first homes and elderly parents with basic living costs and aged care”.
Mr O'Neill said the study also confirmed family ties in modern Australia remained strong and policy makers should not use the size of the baby boomer generation to justify a shift to a greater user-pays social system.
“Baby boomers won't be a burden. They're already paying, quite happily, for their children and their elderly parents,” he said.
“The more governments take from this group, for example in cutting superannuation concessions, the less capacity they'll have to provide help across generations.”
Which of the generations do you think is most selfish? Share your thoughts by commenting below.