Many retirees are concerned about running out of savings, while also wanting to help their kids. But a new survey suggests most don’t want to respond by downsizing the family home.
AMP chief executive Alexis George says policymakers should look at incentives that affect whether retirees downsize their homes, as part of a wider push to help people in retirement spend more of the wealth they have amassed in their working lives.
People aged over 60 are set to pass on about $3.5 trillion to the next generation over the next two decades, according to previous forecasts. AMP’s survey of 2000 people dealt with attitudes to intergenerational wealth transfer, including regarding the family home, the biggest asset for many people. “Maybe we have to look at the incentives around that to help people move to downsize as well,” she said, citing stamp duty – levied by state governments – as an “inhibitor” to downsizing.
The federal government last year vowed to cut red tape and expand the provision of financial advice, saying it would create “a new class of financial advisers” to deal with simple matters without fees or commissions. It expected these “qualified advisers” would generally be employed by financial institutions.
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