In 2003 there were 2.6 million carers in Australia, according to the Australian Bureau of Statistics. However, studies by the University of New South Wales (UNSW), show a declining birth rate and a large number of baby boomers retiring at once could mean fewer retirees will be able to rely on financial and emotional support from their children.
“Firstly, as baby boomers had their children later in life many will find themselves faced with having to structure their retirement savings to provide for themselves and their ageing parents, while also supporting dependent children still living at home,” said Asteron head of technical services Louise Biti.
“Secondly, as the baby boomers, themselves of large families, had fewer children of their own, they cannot expect the same level of financial support from their children that they provided to their parents. This ‘carer drought’ is a direct result of baby boomers not having access to care or finances from their children.”
The ABS Year Book 2006 shows women in the 1950s had three children, peaking at 3.6 children in 1961, and in 2003 women typically only gave birth to 1.8 children.
Asteron used the UNSW study in the development of its Asteron Longevity Income Stream product, which provides retirees with an income stream in the later stages of retirement.
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