Paying for adult kids the norm

ALMOST three-quarters of Australian parents are giving their adult children financial help, prompting calls to tighten the purse strings.

From paying bills and university fees to buying household goods and even homes, it’s been labelled as “sponge society” but others say it simply reflects parents transferring their wealth earlier in life.

Comparison website finder .com.au surveyed more than 2000 people and found 74 per cent of parents say they are giving financial help to their children aged over 18, while 28 per cent of recipients say they are embarrassed.

Spokeswoman Bessie Hassan said rising property prices, large tertiary education debts and the growth of unpaid internships were contributing to the giveaway.

“Many parents want to help their children but they are never going to learn the true cost of living if they are constantly receiving handouts,” she said.

Social researcher Mark McCrindle said young Australians should not feel guilty about accepting financial help from baby boomers who represented one-quarter of the population but owned half the nation’s wealth and had an average worth of $1.2 million.