Bank of Mum and Dad

Bank of Mum and Dad slightly less generous than before COVID-19 crisis, survey shows

PHOTO: The ‘Bank of Mum and Dad’ is slightly less generous than before the COVID-19 crisis, a survey has found.

Parents are slightly less likely to help their adult offspring financially now compared with last year, a new survey found – but the “Bank of Mum and Dad” is turning into a restaurant.

More than half of the Australian parents with adult children paid for their children’s groceries – up 14 percentage points from December 2019, a survey by Finder found.

“That’s probably related to COVID,” Finder insights manager Graham Cooke said. “You’ve got a lot more people living at home, you’ve got a lot more of the younger generation being affected by the job losses we’ve seen in the hospitality industry.”

About one in four adult children moved back in with their parents in the first wave of the pandemic, a previous survey found, as the health and economic crisis unfolded.

Overall 44 per cent of parents said they subsidised their adult children, down from 54 per cent in December last year when the economy was stronger.