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.
Read the full article here: https://www.news.com.au/finance/real-estate/new-report-fails-to-find-evidence-of-youngsters-relying-on-the-bank-of-mum-and-dad/news-story/189ab49ee15bfcb71fa19e40162f8aa2.