The growing impact of Australia’s evolving ‘grandparent economy’
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The growing impact of Australia’s evolving ‘grandparent economy’

As baby boomers age, they’re being increasingly relied upon to assist younger generations financially — and it’s not about helping out with the babysitting

By Bronwyn Allen
Tue, Aug 6, 2024 10:12amGrey Clock 2 min

Baby boomers make up just 21 percent of the population but hold almost half of the nation’s private wealth, creating a ‘grandparent economy’. McCrindle Research said the trend indicated it would have a significant influence in today’s society and directly contribute to the financial wellbeing of younger generations.

The impact of baby boomer wealth is routinely seen in the property market, with boomers often observed at auctions standing side-by-side with their younger relatives as they bid for a potential new home. The Bank of Mum and Dad is likely a significant contributor to above-average first-homebuyer activity in a market with rising values and interest rates at their highest point in 13 years.

CoreLogic recently cited figures from the Australian Bureau of Statistics showing first home buyers comprise 28.7 percent of new owner-occupier finance, well above the decade average of 24.6 percent. One might assume that over the year to May 31, when the median national home value rose 8.3 percent and the official interest rate went another 0.5 percent higher, first home buyers’ budgets and borrowing capacity may have been squeezed. Instead, the value of their loans rose by 10.1 percent.

McCrindle says: “Baby Boomersare having significant impacts in the economic landscape, showcasing their pivotal role in wealth transfers as they actively contribute to and shape the financial dynamics over the years ahead. Over the next two decades, we anticipate that $6.2 trillion of wealth will be transferred to younger generations. As a result, the grandparent economy is rising, facilitating wealth and contributing to the financial wellbeing of younger generations.

In a survey published last year, McCrindle found grandparents were acutely aware of their younger relatives’ financial challenges. When asked about their greatest concerns for them, 77 percent cited the rising cost of living and 72 percent nominated the rising cost of buying a home. These concerns are influencing baby boomers’ own financial decisions, with 32 percent intending to pass on more than 50 percent of their wealth directly to their grandchildren.

A recent report published by Colonial First State found three in four Australians plan to set aside a portion of their superannuation to pass on as an inheritance. Another survey by financial advisory company Findex found providing for relatives was a key motivator for 29 percent of investors.

McCrindle says: “As the current generation of grandparents continue to live longer and remain active well into their later years, their investments in properties and superannuation funds become pivotal components of the broader economic landscape. This trend signifies a notable shift in the traditional roles of grandparents, who are now not just recipients of support but active participants and contributors to the evolving economic dynamics, embodying the essence of the new investor in the financial landscape in the years to come.

McCrindle Research shows two in five young Australians have received assistance from their grandparents. Most of that help is financial, including inheritances, living with them rent free, or paying cheap board, and getting help with everyday bills.



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The 60-Year-Old Real-Estate Agent Giving History Lessons on Instagram

Georgetown agent Jamie Peva blends history and real estate on Instagram, turning local stories into a powerful sales strategy.

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Wed, Aug 26, 2026 5 min

On a recent morning in Georgetown—Washington, D.C.’s oldest neighborhood—real-estate agent Jamie Peva strode down leafy N Street, brimming with historical tidbits.

Jackie Kennedy once lived on the street, he said. So did Ben Bradlee, former executive editor of the Washington Post, along with a former Miss America and a powerful U.S. Senator. Bradlee’s widow, author Sally Quinn, and Eric Schmidt, former CEO of Google, own stately homes there.

“I’ve seen a picture of Lyndon Johnson coming out of this house,” said Peva, passing a Federal-style brick mansion. “Also, the Beatles went to a lawn party here.”

Peva, a 60-year-old agent with Washington Fine Properties, has sold Georgetown real estate for over three decades, often traversing the neighborhood by bicycle. Of the roughly 2,500 houses in the historic neighborhood, he has been involved in the sale of 460, he estimated. A self-styled historian of the neighborhood, he knows stories behind its houses and their owners going back generations.

With a knack for lively storytelling, he shares his knowledge with some 37,500 Instagram followers, who have made Peva—sporting the bow ties he has worn since boarding school—an unlikely social-media influencer. Many of his followers are locals, and most have no plans to buy or sell real estate—until they do. It is then, according to Peva, that his spirited reels bring him to mind.

“It’s the digital version of a refrigerator magnet,” he said.

After Peva’s first video in November 2023, his eponymous Instagram account sparked a 10% increase in sales volume in the first year, and another 20% the next, he estimated. “It’s been very good for business, there is no question about it,” he said.

But Peva’s posts have also made him a local celebrity. As he walked down N street, the driver of a Mercedes station wagon slowed down to honk and wave. A lady walking a large dark gray dog stopped to ask what he was filming that day (a reel about a Colonial-era bottling plant.) Peva knew the dog from walking his two springers, Jumpy and Peggy-O, in the neighborhood.

“I need to make a video about the pooches of Georgetown,” he mused.

Jamie Peva shooting an upcoming Instagram reel on a historic house on P Street in Georgetown.
Jamie Peva shooting an upcoming Instagram reel on a historic house on P Street in Georgetown.

A growing number of real-estate agents now use social media to sell, and some have millions of followers with reels featuring ultraluxury pads, selling tips or reality TV-style reports on their daily lives. While Peva posts about his listings—and sometimes those of other agents—he mostly focuses on Georgetown history, local businesses and community events, saying his goal is to benefit both his business and the neighborhood.

“If we don’t find something genuinely interesting and worth sharing, we won’t do it,” said Peva’s daughter, Violet Peva, a New York social-media strategist who films, edits and posts his reels. “We cover many topics, not just real-estate information.”

Peva is originally from Connecticut, but has lived in Georgetown for over 30 years, currently in a cottage-style house with a white picket fence. Over the years, Georgetown has changed. The Georgetown Set, a powerful group of Cold War-era residents whose Sunday-night potluck dinners are said to have swayed U.S. policy, has long faded away. The community is still home to high-profile Washingtonians, including a Republican senator and several cabinet members. But it increasingly also attracts technology and finance executives, according to Peva. He now routinely signs nondisclosure agreements, ensuring privacy for wealthy clients. The shift has made him rethink his marketing approach.

“For years, a big part of our Georgetown business was made up of people who maintained a low profile,” he said. Real-estate agents were similarly low-key. Today, curb appeal is more important, he said, and agents are promoting themselves more. “As this change was underfoot, I was thinking that I needed to evolve myself too,” he said.

A street of colorful row houses in Georgetown.
A street of colorful row houses in Georgetown.

Though his own social-media use is mostly limited to following sailing accounts, he asked his daughter to help him post his listings online. Violet, now 26, started coming to D.C. once a month to film his reels. After an early video, on a condominium building called the Elliott, her sister Fern called her to report: “Daddy’s blowing up on Instagram,” Violet recalled. The reel got over 50,000 views. The next two each drew over 300,000. Peva’s most popular post ever, with over 838,000 views, was about the Grateful Dead playing in Georgetown. Sometimes, Peva interviews Georgetowners such as Quinn, the author, or Jamie Stachowski, the owner of a local butcher shop.

Peva’s daughter, Violet Peva, shoots, edits and posts his reels.
Peva’s daughter, Violet Peva, shoots, edits and posts his reels.

Peva, who majored in history in college, now spends up to two hours a day on research, usually in the morning while on his stationery bike. Online, he pores over old newspapers or the Library of Congress website, and he has a collection of articles and books—in and out of print—about Georgetown.

Companies often approach Peva for promotional posts, he said, but he turns them down, feeling that followers would lose interest in constant commercials. One exception is a recent paid post on Mount Vernon, the former home of George Washington. Peva wanted to share its history, he said, and didn’t want to lose the opportunity to another Instagrammer.

Anthony Arend, a professor at Georgetown University, has lived in his current home for 19 years without any plans to sell or buy real estate. But he follows Peva and often likes his posts.

Peva at one of his listings, a 1870s house on Prospect Street.
Peva at one of his listings, a 1870s house on Prospect Street.

“He is very charismatic, he is energetic, and he obviously knows a lot about the community,” said Arend, who has referred house-hunting friends to Peva.

One of Peva’s biggest deals—the $10.5 million sale of a 19th-century Italianate mansion—came after he made two 2024 reels featuring the property. In March, he sold the longtime O Street home of Tim and Jane Matz for $5.8 million after featuring it on his Instagram. Peva had showed them the home 25 years earlier, with Violet in a baby carrier on his back.

Last year, Kate Watts, 49, a digital consultant, called Peva to sell her late father’s three-bedroom house on Q Street; her husband had seen Peva on Instagram. In an October reel, Peva praised the architecture of the house, designed by modernist Hugh Newell Jacobsen. Halfway through, he mentioned an open house the next day, ending with an upbeat: “Did I also mention this house is for sale? $3.75 million!” The reel got 27,000 views, the open house was packed, and the buyers made an offer at the list price on the same day.

Peva often travels around Georgetown by bicycle.
Peva often travels around Georgetown by bicycle.
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