They often get a bad rap for inflating today's housing prices, but research shows grandparents are doing plenty of heavy lifting when it comes to financially supporting their families.
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New data from Compare the Market reveals grandparents are helping to ease the cost of living crunch, assisting with the costs of clothes and essentials, as well as household bills, and costs associated with food and childcare.
Almost three-quarters of Australian grandparents surveyed said they had been supporting their families financially, with 31 per cent gifting money and looking after children.
A further 31 per cent said they had purchased clothes, toys and essentials, 20 per cent had cooked for their families, 13 per cent had lent money and 9 per cent had contributed to household bills.
The data also showed 7 per cent had contributed to the cost of school and daycare, and a further 7 per cent had helped children or grandchildren buy a car.
Only a quarter of all grandparents surveyed said they hadn't been helping their families with living costs.
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Compare the Market economic director David Koch said the data proved grandparents were unsung heroes of our generation.
"Baby Boomers have been getting a bad rap in the media for aiding inflation and spending up big," Mr Koch said.
"But in reality, 75 per cent of grandparents are helping ease the cost-of-living crisis and are chipping in to help their kids and grandkids in some way.
"Times are tough and many Australian households are really struggling right now, especially with the increased cost of housing, food and fuel."
A recent Australian Competition and Consumer Commission (ACCC) report found childcare fees had risen by 22.8 per cent from 2018-2022, compared to an average of 6.2 per cent in other developed nations.
