Baby boomers suffering a hammering on the sharemarket are under pressure to put their hard-earned superannuation savings towards paying for their children’s homes.

One in every three “Gen Y”s are claiming that they cannot afford to purchase a home loan without the help of their family, whilst one in every five parents who are close to retirement anticipates pitching in order to help their children achieve the great Australian housing dream.

The results have sparked fears that there may be an increase in family clashes over finances.

Many feel that Baby Boomers have enough to worry about without added concerns about using their super to help their children buy their first home. Experts advise that parents should think twice before making such a commitment in an unstable economic environment, as it may simply drive each generation further into debt.

General advice is that if you can’t afford the mortgage, whether you are the parent digging deep in your pocket or the child who needs assistance, it is sensible to consider your options and be realistic about your finances.

Recent months have seen a decrease in first home investment due to affordability concerns and anxiety over interest rates and the condition of the global economy.

It appears that half of all Australians under the age of 40 who are planning to apply for a home loan in the next couple of years are single, residing in a shared home or still living with their parents.