Gen Y increasingly reliant on early inheritance to buy homes
Generation Y is increasingly asking for early inheritance in order to buy a home.
A survey commissioned by Slater & Gordon has revealed one quarter of 16-34 year olds have had to, or would need to, rely on inheritance to purchase the home they wanted.
It’s led to a wave of Gen Y Australians asking parents for their inheritance while they’re still alive.
Slater & Gordon associate Lara Nurpuri told Tom Elliott young Australians want to live near their workplace.
“Some people in Sydney are commuting an hour and a half to get to their job,” Ms Nurpuri said.
But Tom said the idea seems “a bit wrong”.
“When I was brought up, we were told you should live your life assuming you won’t inherit anything,” Tom said.
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