The global financial crisis is driving a wedge through families, with many parents no longer willing or able to provide for their adult children, a study shows.

St George Bank research shows Generation Y expects parents to help pay for weddings, house deposits and education fees, but concerns over retirement and debt have taken priority for most mums and dads.

A study of 1,000 Australians commissioned by St George showed 70 per cent of baby boomers believe the global financial crisis has seen their assets shrink in value, and 71 per cent are now concerned about their financial health.

As a result, just six per cent of parents rate providing financial assistance to their adult offspring as a top priority.
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