Research into how the modern-day family support each other has found older Australians are 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, prepared by the University of Adelaide, studied the extent to which families from different generations support each other through financial assistance, such as gifts or loans, or practical support, such as babysitting, transport, or home maintenance, and the nature of support provided to and by older people.
The study found the younger generation were the most likely group to receive practical help (76%) compared with those in the older generation (34%).
Those from the ‘Sandwich’ generation (people aged 50 plus with at least one aged parent and one adult child) provided practical help to younger family members (71%) compared with 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 that 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 CEO 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,” O’Neill said.
The research also found 36% of households aged 50+ gave money compared with only 8% that received money. Most of the money went to children, of which 65% were gifts and 35% loans.
Further information:
The full report is at www.productiveageing.com.au
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