Who is receiving financial transfers from family during young adulthood in Australia?

Author:

Woodman Dan1ORCID,Maire Quentin1,Cook Julia2ORCID

Affiliation:

1. University of Melbourne, Australia

2. University of Newcastle, Australia

Abstract

Parents are increasingly providing financial support to their adult children. At the same time, it is often taking young people into their 30s to convert educational credentials into career outcomes, establish independent households, and marry or form partnerships. While the role of the so-called ‘bank of mum and dad’ in assisting with entry into home ownership is well established, its effects are potentially far wider, for example affecting young adults’ employment pathways. This article contributes to emerging research on extended intergenerational support using longitudinal data from Australia to explore which young people are receiving this support during their 20s and into their early 30s. Drawing on our findings, we contend that financial transfers as people enter their mid-20s and beyond appear to be used both to manage hardship and precarity, and to enable speculation on positive employment futures.

Funder

Australian Research Council

Publisher

SAGE Publications

Subject

General Medicine

Reference41 articles.

1. ABS (2022a). Births, Australia. Retrieved March 27, 2023 from https://www.abs.gov.au/statistics/people/population/births-australia/latest-release

2. ABS (2022b). ‘Back in my day: Comparing millennials with earlier generations. Retrieved August 7, 2023 from https://www.abs.gov.au/articles/back-my-day-comparing-millennials-earlier-generations

3. ABS (2022c). Education and work, Australia. Retrieved March 31, 2023 from https://www.abs.gov.au/statistics/people/education/education-and-work-australia/may-2022

4. Class in the 21st century: Asset inflation and the new logic of inequality

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