Nearly Half of Gen Z Adults Say They're Getting Family Financial Help

Gen Z is asking mom and dada for financial help.

In a caller Bank of America Survey of much than 1,000 big members of Generation Z—the procreation calved betwixt 1997 and 2012—46% of respondents reported getting financial assistance from parents aliases different family that they utilized to salary for expenses including groceries, rent and telephone plans.

A 3rd of those who said they were getting thief reported receiving $1,000 aliases much successful monthly aid, while a small complete half (55%) said they received up to $500 per month.

Housing Affordability Weighs On Gen Z

Half of nan study respondents said they wanted to bargain a location complete nan adjacent 5 years, while 31% said they wanted to unrecorded alone. However, this whitethorn beryllium difficult fixed caller trends successful nan rental and lodging markets.

Inflation has cooled successful caller months, but shelter inflation has remained elevated, clocking successful astatine 5.2% year-over-year successful June. Meanwhile, nan Federal Reserve's complaint hikes person contributed to immoderate of nan highest owe rates successful nan past 2 decades. More than a 4th of study respondents said that lodging costs were their apical obstruction to financial success. 

Fifty-four percent of respondents said they don't salary for housing.

Younger Americans Working Towards Financial Goals

"Though faced pinch obstacles driven by nan costs of living, younger Americans are showing subject and foresight successful their redeeming and spending patterns,” said Holly O’Neill, President of Retail Banking astatine Bank of America.

The mostly of study respondents are trying to trim expenses by changing spending habits, taking steps including eating retired little frequently, saying "no" to hanging retired pinch friends, and adhering to a budget. 

Only 19% of Gen-Z respondents said they were putting money successful 401(k) plans, while little than 20% were invested successful nan banal marketplace astatine all.