ROOT
AMP study reveals generational gap in financial communication and expectations
ROOT
AMP study reveals generational gap in financial communication and expectations
A new study by AMP has uncovered significant differences in how younger Australians and their parents approach intergenerational wealth matters.
AMP study reveals generational gap in financial communication and expectations
A new study by AMP has uncovered significant differences in how younger Australians and their parents approach intergenerational wealth matters.
Key findings include:
- 60% of under-40s have not discussed wealth transfer with their parents
- 50% of under-40s expect to financially support their aging parents
- Only 20% are relying on financial assistance or inheritance from parents for future security
- 80% of under-40s have not asked their parents for financial support
The research highlights a reluctance among younger Australians to rely on the "bank of mum and dad" despite concerns about housing affordability and its impact on long-term wealth.
AMP Director of Retirement, Ben Hillier, said, "This latest research reveals an interesting dynamic within families, including a lack of communication between the generations on wealth matters."
Other notable findings:
- 80% of under-40s who don't own property believe it will be out of reach
- 80% believe not owning property will be detrimental to their long-term wealth in retirement
- 80% would consider purchasing property with a friend or family member
AMP Bank Group Executive, Sean O'Malley, noted, "It's also clear from the research that under 40s are concerned housing unaffordability will impact their long-term wealth – a justifiable concern given home ownership is one of the key pillars for wealth in retirement for most Australians."
The study also found that 40% of Australians aged 50-58 don't have a will in place, highlighting potential issues in wealth transfer.
AMP suggests that improving financial confidence among retirees could help open lines of communication with their children on important wealth matters, potentially benefiting both generations.
The research was conducted by Dynata in February 2024, surveying 2000 Australians aged 50 and over and under 40.
Retirement
New study reveals habits that boost retirement confidence
A recent study by AustralianSuper has found that less than half of Australians are confident about their retirement prospects, but simple daily habits can significantly improve this outlook. Read more
Retirement
Home care admissions surge 267% in a decade, prompting calls for aged care reform
The Retirement Living Council (RLC) is urging the Australian Government to prioritise aged care reforms following the release of new data showing a significant increase in home care admissions over ...Read more
Retirement
Retirement Living Council urges government to implement urgent home care reforms as waitlist doubles
The Retirement Living Council (RLC) is calling on the Australian Government to implement urgent home care reforms, following new data revealing that the number of Australians approved for a home care ...Read more
Retirement
Retirees face dilemma in supporting children amid housing affordability crisis, AMP research finds
New research from AMP has revealed that four in five Australians aged 65 and over believe their children face similar or harder financial challenges than they did growing up, largely due to rising ...Read more
Retirement
Retirement Living Council criticises Budget for neglecting seniors' housing needs
The Retirement Living Council (RLC) has expressed disappointment with the Australian government's FY25 Budget, stating that it fails to address the housing needs of a large cohort of older Australians ...Read more
Retirement
Government urged to include retirement units in housing targets to address supply challenges
The Retirement Living Council (RLC), the national peak body for retirement and seniors' housing accommodation, is calling on the government to include retirement units in the Prime Minister's target ...Read more
Retirement
Retirement living linked to better health outcomes and reduced hospital visits, report finds
The Retirement Living Council (RLC) has welcomed the findings of the Australian Medical Association's (AMA) annual Public Hospital Report Card, which highlights the potential for age-friendly ...Read more
Retirement
La Trobe Financial unveils heartwarming new campaign celebrating a life of well-managed investments
Australia's premier alternative asset manager, La Trobe Financial, has launched a new marketing campaign titled "Grandpa's Gift" in collaboration with creative agency Bastion. The fully integrated ...Read more
Retirement
New study reveals habits that boost retirement confidence
A recent study by AustralianSuper has found that less than half of Australians are confident about their retirement prospects, but simple daily habits can significantly improve this outlook. Read more
Retirement
Home care admissions surge 267% in a decade, prompting calls for aged care reform
The Retirement Living Council (RLC) is urging the Australian Government to prioritise aged care reforms following the release of new data showing a significant increase in home care admissions over ...Read more
Retirement
Retirement Living Council urges government to implement urgent home care reforms as waitlist doubles
The Retirement Living Council (RLC) is calling on the Australian Government to implement urgent home care reforms, following new data revealing that the number of Australians approved for a home care ...Read more
Retirement
Retirees face dilemma in supporting children amid housing affordability crisis, AMP research finds
New research from AMP has revealed that four in five Australians aged 65 and over believe their children face similar or harder financial challenges than they did growing up, largely due to rising ...Read more
Retirement
Retirement Living Council criticises Budget for neglecting seniors' housing needs
The Retirement Living Council (RLC) has expressed disappointment with the Australian government's FY25 Budget, stating that it fails to address the housing needs of a large cohort of older Australians ...Read more
Retirement
Government urged to include retirement units in housing targets to address supply challenges
The Retirement Living Council (RLC), the national peak body for retirement and seniors' housing accommodation, is calling on the government to include retirement units in the Prime Minister's target ...Read more
Retirement
Retirement living linked to better health outcomes and reduced hospital visits, report finds
The Retirement Living Council (RLC) has welcomed the findings of the Australian Medical Association's (AMA) annual Public Hospital Report Card, which highlights the potential for age-friendly ...Read more
Retirement
La Trobe Financial unveils heartwarming new campaign celebrating a life of well-managed investments
Australia's premier alternative asset manager, La Trobe Financial, has launched a new marketing campaign titled "Grandpa's Gift" in collaboration with creative agency Bastion. The fully integrated ...Read more
