Retirees keen to support children, but not at the cost of their lifestyle

More than two in three Australians aged 65 and over said they were unwilling to compromise their retirement lifestyle to provide financial assistance for their children, according to a AMP research.  

The research, conducted by Dynata, surveyed 2000 Australians aged 50 years and over and 30 years and under in relation to their attitudes to retirement and intergenerational wealth transfer. 

Older Australian do understand younger people’s struggle, with four in five respondents aged 65 and over believe their children face similar or harder financial challenges than they did growing up.  

But 80 per cent aged 65 or over are not prepared to downsize to release funds to their children. Close to half of those aged 50 and over, though, would consider passing home equity value to their children if they could stay in the family home.