Nick Bruining: Growing default risk for the bank of mum and dad as parents risk house and pension to help kids

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Nick Bruining: Growing default risk for the bank of mum and dad as parents risk house and pension to help kids

The bank of mum and dad might not be the lender of last resort you hoped for, with a new report showing the over-50s are the new category of Aussies facing financial stress.

Australia’s largest credit report agency, Illion, said the deterioration in mortgage-holder risk has affected all age groups, but has now spread to older Australians, “who are traditionally more shielded from economic peaks and troughs through lower levels of debt”.

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