Half of Australians Rely on Family Support

A recent UBS survey asked 1,000 Aussie adults if they’d given or received money from family in the past year. The result? A full 50% said yes. But what’s more important is why that money changed hands.

Of those who gave or received help:

  • 56% said it was to cover everyday expenses like bills.
  • 28% said it was to pay down a mortgage or other debts.
  • 25% said it helped them buy their first home.

That last number is big. One in four people who got help from family used it to buy property.

Not Just Mum and Dad — It’s the Whole Family Now

It’s easy to focus on the “Bank of Mum and Dad“, but the numbers tell a bigger story. Around 70% of the money came from parents, but 15% came from grandparents. That’s 85% of help coming from older generations.

The idea of family support has expanded. It’s not just Mum and Dad anymore — it’s become the Bank of the Family.

The Wealth Gap Is Getting Wider

Back in the 1990s, older households had three times the wealth of younger households. Fast forward to 2024, and that gap has grown. Today, older generations hold five times more wealth than younger ones.

That gap explains why so many younger Australians turn to their families for help getting into the property market. The older generation is simply better positioned to help.

How Much Are Families Actually Giving?

Thanks to research from Digital Finance Analytics, we now know just how big the Bank of Mum and Dad really is in 2024.

Nationally, the average family contribution is now a massive $112,436. That’s more than five times what it was just over a decade ago — in 2012, the average gift was around $20,000.

Some states are even higher:

  • New South Wales: $212,000
  • Victoria: $137,000

Those are serious figures — and they reflect how tough it’s become for young Australians to break into the property market without help.

Some Honest Questions

With all this in mind, there are two important questions to ask yourself:

  1. Did you get help from your parents to buy your first home?
  2. Would you help your kids to buy theirs?

These aren’t just financial questions — they’re about values, priorities, and how families build wealth together. Talk to us today about your situation.