Adults living at home are proving a major burden to their parents, making them
work harder and retire later, research suggests.
Neilsen Media Research surveyed over 25,000 Australians on behalf of Wizard Home
Loans, and found baby boomer parents with children over the age of 18 at home
fare much worse than their counterparts living alone.
There are approximately half a million Australians over the age of 55 with kids
still at home, who Wizard terms “boomer busters”, half of whom have less
disposable income than those without kids at home, known as “empty nesters”.
As a result, boomer busters are working longer hours and putting off retirement.
Wizard chairman Mark Bouris said this had a significant impact on the property
market.
“Boomers’ preference for property investment to fund retirement would take a hit
as their adult kids stay at home longer,” Mr Bouris said.
“Busted boomers are working longer hours, have less disposable income, are
changing or delaying their retirement intentions, and are less financially able
to invest in property as a retirement security.”
Despite this, 62 per cent of respondents said they were happy to have their kids
at home.
SOURCE: http://www.bordermail.com.au
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