New report fails to find evidence of youngsters relying on the ‘bank of mum and dad’

Despite popular belief that younger generations rely on “the bank of mom and dad” to pay their lifestyles, a recent government analysis finds that this is not the case for the vast majority of individuals. According to the Productivity Commission’s detailed analysis, most Australians got just around $1000 in “gifts” from their parents during a three-year period. Productivity Commissioner Catherine de Fontenay, the findings may come as a surprise, since popular knowledge suggested that gifting was significantly more frequent than the research revealed.

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