Generous older Aussies
Research into how the modernday family supports each other has found older Australians spending much of their time babysitting grandchildren, as well as financially supporting younger family members.
Research into how the modernday family supports each other has found older Australians spending much of their time babysitting grandchildren, as well as financially supporting younger family members.
The National Seniors Productive Ageing research report, entitled It’s Not Just About Money: Intergenerational Transfers of Time and Money To and From Mature Age Australians, and prepared by the University of Adelaide, studied the extents to which families from different generations support each other through, for example, financial assistance (such as gifts or loans) or practical support (such as babysitting, transport or home maintenance).
The study found the younger generation were the most likely group to receive practical help (76%) compared to those in the older generation (34%).
Those from the ‘Sandwich’ generation (people aged 50 years and over with at least one aged parent and one adult child) provided practical help to younger family members (71%) compared to older family members (55%), with 29% giving help to both the younger and older generation.
Childcare and babysitting grandchildren were the most common type of practical help provided to children (33%) of all practical help provided, followed by home maintenance/gardening (20%) and transport (14%).
The research also found financial transfers within families predominantly occur from older to younger generations, while much less so in the other direction. Practical assistance, on the other hand, was exchanged between both the younger and older generations.
National Seniors chief executive, Michael O’Neill, said older people’s contributions to helping out their families was substantial.
“Whether it be financial support or helping their adult children with babysitting the grandkids, older Australians are generous when it comes to donating their time and money to their families,” Mr O’Neill said.
The research also found a total of 36% of households aged 50 years and over gave money compared to only 8% which received money.
The full report is available at www.productiveageing.com.au
