As households evolve, there are big benefits in living with family
Family units look very different in today’s society. Gone are the days where practically every household had a patriarchal structure with a male breadwinner and female homemaker.
Now it’s not uncommon to have two working parents, a single-parent household or even a stay-at-home dad. Certainly these cultural changes have had a direct impact on our lives, including our finances.
With household debt increasing while wage growth remains at record lows, families need to do everything they can to stay afloat. For many parents this means working longer hours or taking on a second job.
Earning more to battle the rising cost of living is one solution. However, it’s not always practical, particularly as underemployment continues to be a challenge. Consequently we’re now seeing a shift towards living situations similar to those in collectivist cultures where family members work together to achieve their goals. An extended family buying property is a great example of this in action.
This story is from the September 2017 edition of Money Magazine Australia.
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This story is from the September 2017 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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