New generation of Australians adopt the Bank of Mum and Dad mindset

10 July 2023

Tags: Media

Findings from a landmark study on Australians’ ten-year financial aspirations have revealed a new generation of Australian millennials are prioritising wealth creation to give their children a financial kick-start.

To mark the three-year anniversary of its 10Invest investment bond product, Australian Unity’s Decade of Change survey analysed the ten-year lifestyle and financial aspirations of more than 500 people who are 10Invest policy holders.

Most respondents were aged 30-49, in married or de facto relationships and from all states. Respondents had an average 10Invest balance of $17,000 and made average monthly contributions of $210.

The results revealed that:

  • Three-in-four (74 per cent) are investing in order to give their children or grandchildren a financial kick-start.
  • Almost half (43 per cent) want to use investment returns to pay for their child’s education. However, more than half (55 per cent) of all respondents are seeking government or lower cost independent schooling, while only one-in-four (28 per cent) are seeking elite private schools.
  • Beside paying for a child’s education, buying a home was the highest financial priority for respondents.
  • 13 per cent of survey respondents are expecting their family members to provide them financial support.

Adnan Glinac, Executive General Manager – Life & Super at Australian Unity says the Bank of Mum and Dad is entering a new generation as millennials look to give their kids a helping hand.

“As cost-of-living increases erode household budgets, our findings clearly show that millennials – once the beneficiaries of the Bank of Mum and Dad – feel they must now play this role for their kids or risk their kids missing out on their own.

“With housing affordability worsening, home ownership and helping kids buy a home is a prevailing investment driver for Australians, who are increasingly willing to compromise with a lower cost education in order to give kids a larger first home deposit.

The survey also found:

Home ownership takes priority while weddings and retirement are out: by 2033, 98 per cent of respondents have expectations of being homeowners, whereas only 13 per cent expect to have paid for a wedding. Just half of those currently aged 50-59 expect to successfully retire by 2033.

  • Australians are still optimistic about their financial future; 86 per cent of respondents believe they will achieve better financial wellbeing in ten years’ time.
  • Nearly half (40 per cent) say that by 2033, their life goals will have costed more than $500K. Three quarters are confident they will achieve this in ten years.
  • Respondents believe their greatest barriers to financial wellbeing are cost of living and mortgage repayment increases.

Glinac says a sense of optimism prevails in Australian investors despite economic challenges.

“Despite challenging economic conditions, it’s pleasing to see Australians prioritising building wealth and saving for future life stages.

“While we’re seeing Australians shift their financial priorities toward home ownership and supporting children in this challenging environment, there is a strong sense of optimism and confidence from 10Invest policyholders that they will get there.

“As more Australians look to improve their financial wellbeing, Australian Unity is proud of the role our investment products play in helping thousands of Australians build long-term wealth and financially plan for future life stages.”

Launched in 2019, Australian Unity’s 10Invest is a low-cost, tax-effective investment bond that helps people to plan for their future goals and aspirations by harnessing the power of compound interest over a period of ten years.


Media contact:
T: 1300 408 776

About 10Invest
10Invest is a simple, online, low cost investment bond that offers tax effectiveness not available through traditional savings and investment products.

10Invest is all about establishing a long-term plan. With regular contributions, you could benefit from compounding interest to create powerful opportunities for your future, in a tax effective way.

With no onerous paperwork, six quality index investment options, low costs and the ability to setup a regular savings plan, 10Invest is designed to be straightforward.

About Australian Unity
Established in 1840, Australian Unity is a member-owned wellbeing company with more than 385,000 members and more than 700,000 customers. Our range of health, wealth and care products and services provides member, customer and community value that is supportive of personal and community wellbeing. 

Important information10Invest is issued by Lifeplan Australia Friendly Society Limited ABN 78 087 649 492 AFS Licence 237989. Information provided here is general information only and current at the time of publication. The Product Disclosure Statement (PDS) and target market determination (TMD) are available at or by calling our Investor Services team on 1300 997 774.

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