Distinction in travel journalism
Is independent travel journalism important to you?
Click here to keep it independent

19 May, 2014

Families paying the price of a new financial order – Sydney Morning Herald

Life just got a little squeezier for people in middle age. Already wedged between the demands of paid work, dependent children and ageing parents, changes forecast by this week’s federal budget have forced them firmly into the ”heavy lifting” corner.

With educational expenses set to increase, the kids are likely to stay in the family home longer. At the same time, support for their elderly parents has been whittled down. They’ll be paying more to see a doctor and more to fill up the car while their family tax benefits diminish. Oh, and if they happen to be born after 1965, they will be working until they’re 70 before they can get the age pension.

There is no respite for generation squeeze, with pressures simply mounting for people in their 40s and 50s, and women generally doing the heaviest lifting of all, according to Graeme Hugo, director of the Australian Population and Migration Research Centre at the University of Adelaide.

Read the rest: Families paying the price of a new financial order.