A wave of financial pressure is heading straight for a huge chunk of Aussies — and most of them are Millennials.
This “generational squeeze” means many are getting pulled in two directions: financially supporting their kids while also helping their aging parents. And it’s creating serious money stress.
Providing for Two Generations — Meet Peter’s Reality
Take Melbourne dad Peter Ng, for example. At 40, he’s right in the thick of it.
He and his wife are raising two young boys, Daniel (11) and Nathen (9), while also supporting his retired parents.
On top of all that, he’s dealing with a mortgage, bills, and the rising cost of pretty much everything.
“Sometimes we just need to skip eating out or not take that extra trip,” Peter said. “There’s always something we need to think twice about when it comes to spending.”
Helping Hands Make a Big Difference
Thankfully, Peter has two siblings who are also pitching in. Together, they’re helping cover regular expenses for their retired parents, including healthcare, groceries, and transport.
Their parents, Angel (68) and KK (70), do get the age pension, but it doesn’t stretch very far.
“All of us chip in a bit — I usually contribute a few hundred dollars a month,” Peter told Yahoo Finance. “The need might be even more as they get older and need more medical care.”
Family First, Always
For Peter, supporting parents isn’t just a duty — it’s part of his culture. “In many Asian families, looking after your parents is the expectation,” he said.
“It reminds me of that Ronny Chieng joke — when you love someone, you give them money.”
He said many of his Asian friends take the same approach: picking up the bill for groceries, meals, or simply driving their parents around to make life easier.
Juggling Kids, Bills, and the Unknown Future
Raising two kids comes with a lot of costs too — school excursions, after-school activities, and everyday living expenses all add up. Factor in mortgage repayments and rising grocery prices, and Peter’s got a lot to balance.
“It’s not easy, but I feel lucky my siblings help. If I was doing this on my own, it would be overwhelming,” he said.
Millennials Most at Risk
Recent research by financial advisory firm Findex backs up Peter’s experience. They’ve found a growing number of Aussies heading into the same storm, with Millennials being the ones most at risk of feeling the financial squeeze on both sides.
This generation is facing a tough retirement journey. Not only do they need to build their own future nest egg, but many are also stepping in to support family members at both ends — their kids and parents.
And it’s not just about money. With longer life expectancies and kids living at home for longer, the pressure on this “sandwich generation” isn’t going anywhere anytime soon.