In Sydney, the number has grown to one in four people who live with multiple generations of relatives, according to research from the UNSW City Futures Research Centre – and it’s a number that’s only going to increase.
Dr Edgar Liu from the Centre says while Millennials and Generation Y are traditionally seen as moving back in with their parents to save money for a deposit or to take advantage of free childcare, the over-65s are now the fastest-growing age group in multigenerational households.
“We find that whether forced to live in the arrangement because of financial pressure or not, people like having their family around, and having that companionship and support,” he said.
“It’s a way for families to stay connected and allows for greater intergenerational connections…especially for the older generation, they can be closer to the family and spend more time with the grandkids.”
With the Government pushing for more people to receive aged care in their home – and the Royal Commission into Aged Care also making many families reluctant to place family members into residential care – Dr Liu says more people are now providing that care and support themselves.
But what if your family lives far away – or you aren’t keen on the ‘Packed to the Rafters’ option?
These days, there are a host of retirement living options to suit every lifestyle and budget from rental and retirement villages to land lease communities and assisted living – with home care services delivered in and space for family and friends to visit.
Find out more on villages.com.au here.
Discussion1 Comment
Can you please explain why the carer is required to have an asset assessment?