A new survey of 2000 Australians found half of under-40’s believed they would need to support their parents in retirement.

AMP director of retirement Ben Hillier told 6PR Afternoons host Julie-Anne Sprague that there was no doubt the “bank of mum and dad” had grown in prevalence but the majority of younger generations weren’t having “wealth” conversations with their parents.

“Retirees themselves would like to help their children but they don’t have the confidence to do so because they don’t want to put their own livelihood in jeopardy, “he said.

Press PLAY below to hear more about the survey findings.

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