The bank of mum and dad

One positive effect that this deep global recession has had on society is that it has reinforced solidarity between different generations - at least those within the same family. The Council of Mortgage Lenders in the UK recently confirmed that currently 80 per cent of first time home buyers who are under 30 are relying on their parents to make the first deposit for buying their new homes.

This represents a doubling of parental support from the pre-recession days. These practical solutions of how individuals deal with the worst effects of economic slumps are rarely discussed in economics textbooks. But they are still an important element of the complex reality that modern society lives every day.

The baby boomers generation generally provided a very comfortable lifestyle to their children - too comfortable, many would say. But to be fair the younger generations who are facing the uncertainties of living in an economically turbulent world need all the help that they can get if the fabric of our society is to remain intact.

Scarce job opportunities, rising unemployment, escalating property costs, a deteriorating natural environment, and lack of political leadership in most major economies are daunting challenges that young people have to face today. As usually happens in times of economic crisis, families again become the bedrock on which young individuals build their dreams for future happiness and prosperity.

But families can only be relied on if they have valued the virtues of thrift and living within one's means. Increasingly governments are becoming less reliable to save people from abject misery when unfortunate events disrupt their lives. Many sociologists despair that the changing lifestyles of modern society has meant that social solidarity at least between members of the same family is fast disappearing.

Luckily, this concern seems to be less acute now when we see increasing evidence of the bank of Mum and fad stepping in when young people begin to despair on their chances of planning a decent future for themselves. Of course, not every young person can rely on his or her family for support.

This is where governments need to rethink their social agenda. With some notable exceptions I believe that most political leaders today are not daring enough to change what needs to be changed to make social services for those who really them a financially viable reality. This is bringing about greater divisions in our society between the "haves" and the "have nots". In many ways society today is becoming increasingly socially unjust.

This presents a serious challenge even to our Maltese society. I have always worried about our culture of dependence on state aid to overcome the challenges that face everyone in life. This has often taken the form of expecting government to provide our state owned companies with subsidies when commercial failure threatens their future, to spending money on non-essential things in the belief that the state social system could cater for any health or economic emergencies that one may face.

There are those, however, who cannot help themselves and need the rest of society to give a helping hand to preserve their dignity. The elderly, the young and families that have become dysfunctional as a result of some social problem, need to be supported until they can help themselves again. This support should be financed in a sustainable way otherwise it risks being withdrawn when other economic priorities become more pressing.

I fear that we are still a long way form achieving this aim. Perhaps many of our politicians still believes that the bank of mum and dad is all that is needed to satisfy the requirements of our social agenda. Electoral considerations are the greatest obstacles that are keeping social services reforms from being planned and implemented in earnest.

When politicians present themselves to us for our support so that they can lead us in good as well as in difficult times, we need to decide who really has the courage to lead us from the front. We must know who is prepared to tell us the truth, however unpleasant it may be. We need to follow only those who have the courage to change our society for the better.

johncassarwhite@yaho.com