Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Fears that even more adult children will lean on parents

August 21, 2013

Fears that even more adult children will lean on parents to lend money for house deposits

Age Concern fears more adult children will now coerce their parents to lend money for house deposits following new mortgage-lending rules announced by the Reserve Bank.

The new rules from October 1 will force banks to limit mortgages to loan-to-value ratios of at least 80 per cent - requiring many first home buyers to find a 20 per cent deposit.

Age Concern’s Elder Abuse and Neglect Prevention national advisor Louise Collins says there is already an unfortunate expectation that parents are obligated to financially help out their children.

“There is nothing wrong with parents helping out their kids, if they can afford to lose the money, potentially,” she said

“Things don’t always work out and parents must realise they may not get their money back or even lose their own house if things go really bad.”

Mrs Collins said older people should have the confidence to say “no”.

She said adult children pressuring, threatening or bullying parents to lend them money was a form of psychological elder abuse, which is the most common type of elder abuse in New Zealand.

In about 80 percent cases, the abusers were related to the older person. In about half of the cases, they were adult children.

Mrs Collins said as a result it was common for older people not to report it, as they felt too embarrassed about being manipulated and taken advantage of by members of their own family.

“This is one of the reasons it stays hidden. Many older people feel ashamed their own flesh and blood is treating them badly, so they won't talk about it,” she said.

“The thing is to know you don’t have to put up with it. You can ring Age Concern for help. We know that family are very precious to older people, so we try to get a win-win result when there are difficulties with family relationships.”


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Emissions Reduction Plan Non-Event

Clearly, the attempt to take the politics out of climate change has itself been a political decision, and one meant to remove much of the heat from the global warming issue before next year’s election. What we got from yesterday’s $2.9 billion Emissions Reduction Plan was a largely aspirational multi-party commitment to the direction of policy on climate change...


Budget: Climate Investments Provide Path To Economic Security
The Government is investing in New Zealand’s economic security by ensuring climate change funding moves away from short-term piecemeal responses and towards smart, long-term investment... More>>


Budget: Updated My Vaccine Pass For Those Who Want It

New Zealanders who are up-to-date with their COVID-19 vaccinations will be able to download an updated My Vaccine Pass from 24 May, COVID-19 Response Minister Chris Hipkins said today... More>>

Speaker: 2022 Register Of Pecuniary And Other Specified Interests Presented
The 2022 Register of Pecuniary and Other Specified Interests of Members of Parliament was presented in the House today. It contains a summary of members’ interests as at 31 January 2022... More>>

Classification Office: Following Decision To Ban Manifesto The Buffalo Mass Shooting Livestream Is Now Banned
The livestream video of yesterday’s mass shooting in the United States has now been banned, Acting Chief Censor Rupert Ablett-Hampson announced this morning. The decision follows on from his decision yesterday to call in and ban the ‘manifesto... More>>

Borders: New Zealand Poised To Welcome International Students Back
New Zealand is fully reopening to international students and the Government is committed to help reinvigorate and strengthen the sector, Education Minister Chris Hipkins said today... More>>

Inland Revenue: Commissioner Appointed
Deputy Public Service Commissioner Helene Quilter QSO has today announced the appointment of Peter Mersi to the position of Commissioner and Chief Executive, Inland Revenue Department... More>>




InfoPages News Channels