"'Boomer bank' right behind Gen Y
IT'S the best bank around.
Zero interest and little expectation of receiving anything back except a doe-eyed look of gratitude.
Demographer Bernard Salt labels it the Boomer Bank, the vault of money available to the Generation Y children of the nation's baby boomers that stays open even after they leave home.
New Australian Bureau of Statistics research reveals more than 1.2 million parents have children aged 18 to 24 living out of home and 57 per cent of them continue to provide some form of financial support to them.
In its report General Social Survey: Summary Results 2006 report, the ABS found common types of support provided for children aged 18 to 24 years were:
# money to pay bills or debt (30 per cent);
# money to help pay rent and housing costs (21 per cent);
# money for food (19 per cent); and
# paying for educational expenses (15 per cent).