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A recent Bank of America survey reveals that nearly half of Gen Z adults (ages 18–27) are receiving financial assistance from their parents or family.
Key Findings:
- Financial Dependence: 46% of Gen Z adults rely on family support for expenses such as rent, groceries, and health insurance.
- Housing Costs: More than half of Gen Z respondents do not pay for their own housing, either living at home or having family cover their rent.
- Lifestyle Adjustments: To cope with financial pressures, 43% are dining out less, 27% are skipping events with friends, and 24% are shopping at more affordable grocery stores.
- Delayed Financial Milestones: Many Gen Z adults are postponing significant financial goals, with 50% delaying home purchases, 46% delaying retirement savings, and 40% delaying investing.
These findings highlight the ongoing financial challenges faced by Gen Z, emphasizing the importance of financial planning and support systems for young adults.
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