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KIPPERS have to sink or swim eventually; Kids In Parent's Pockets Eroding Retirement Savings
Topic Started: 10 Oct 2013, 11:48 AM (406 Views)
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KIPPERS have to sink or swim eventually

Bernard Salt
October 10, 2013 12:00AM

DID you know that at the last census some three million Australians were 20-something, up from 2.6 million five years earlier? And did you also know that 807,000 or 27 per cent of 20-somethings stated that they lived with their parents?

Indeed, the number of 20-somethings living with mum and dad increased by 83,000 between the two most recent censuses.

Although it's difficult to be precise, these numbers probably convert to half a million households where adult children live with their parents.

Of course, today's 20-somethings form the core of generation Y; their parents are typically from the baby boomer generation and are aged from their late 40s to perhaps 60. Adult children living with their parents have been labelled KIPPERS or Kids In Parent's Pockets Eroding Retirement Savings.

The theory goes that boomers were raised by the strict Depression generation and who, later in life as parents, were therefore prone to indulge their own children. Even at the expense of compromising their retirement savings.

I think boomers' logic is that if they invest in their generation Y children in their 20s, these same children two decades later will care for their parents in life's last years.

Much has been written about KIPPERS and generation Y and the reasons why many prefer to live with their parents.

There's the cost of housing; the need for a greater period of study to train for 21st century jobs; and there's also the fact that if mum and dad pay for the basics then that frees up funds for travel, for technology, for communications, for fashion, for lifestyle.

Oh, and perhaps also to save the deposit for a house.

The KIPPER phenomenon is hardly a universal experience in Australia; after all, three-quarters of 20-somethings live separately to their parents.

However, it must be said that KIPPERism as a demographic movement is often associated with middle-class prosperity in middle-class suburbia.

The comfortably-well-off tend to nurture their children well into adulthood. Besides, you need a big house in the 'burbs to accommodate a 20-something and their car and their visiting boyfriend/girlfriend.

More than 55 per cent of 20-somethings live with their parents in Sydney's Voyager Point (near Holsworthy); in the Melbourne suburb of Plenty; in Brisbane's Armstrong Creek; in Adelaide's Aldgate; and in Perth's Darlington.

The common denominator between these "KIPPERS enclaves" is McMansionism: KIPPERS thrive in the space and the serenity of outer suburbia. But Australia has been aware of the KIPPERS movement for some time.

Less well understood is where and by what margin is the KIPPERS movement growing.

At a national level, the proportion of 20-somethings living with their parents has not altered between the most recent censuses.

Read more: http://www.theaustralian.com.au/business/opinion/kippers-have-to-sink-or-swim-eventually/story-e6frg9jx-1226736195147
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