The economy as a whole isn't the only thing that got drastically affected by the global financial crisis, everyday families are also fighting the pinch also. All too often a losing battle, there are a couple of specific situations that are occurring all too often now that go completely against how most families have run for the longest time.
Children and Staying Home Longer
In the previous decades parents have seen their children marrying early and moving out in the late teens and early twenties. Now it is not uncommon for grown children to continue living at their parents well into their late twenties - and even when they are first married.
This is due to an increasing rental market and sky rocketing house prices. Children are staying home rent free (in the years that their parents should be enjoying their freedom), in an effort to save money to pursue the dream of owning their own home.
Elderly Parents are Returning For Care
The second change to the family dynamic that can be blamed on the GFC is the return of elderly parents into your home.
With a lot of people's superannuation being cut with the dip in the share market, there is not as much money in the kitty as their used to be and this has affected a lot of the elderly - who do not have time to wait around for the market to pick back up.
So what we are seeing is a lot of middle aged parents who have finally seen their grown children move out of home, having to make room for their aging parents that no longer have the funds to enter a retirement home.
So What Are The Options?
While you can't really say no to family (whether that be children or parents), there are things that you can do to give everyone their own privacy.
Build a Granny FlatYour best option is to build a granny flat. Whether it is built attached to the house or you organise a pre-built granny flat to be shipped onto your block of land, it will give each party their own personal space (and their sanity).The only other option if your elderly parents cannot afford aged care, is that you share the responsibility around with your siblings. However, this is never really a good option as you want to be able to give your parents a stable environment in the retirement years.
The GFC could be seen as having a negative effect on the family dynamic, but if approached positively, you start to realise that family is what matters and having them around is something that should be cherished.
Thomas Sinfield runs Granny-Flats, and Australian on-line resource for people who are looking at purchasing or building a granny flat.
