Survey: Nearly half of Gen Z receives financial support from parents or other family

(Gray News) – Nearly half the Generation Z adults received financial help from their parents, according to a survey from Bank of America.

In the survey released July 10, the bank said 46% of adults between the ages of 18 and 27 rely on financial assistance from parents or family.

Out of those surveyed, at least 52% said they do not make enough money to live the life they want.

Many said their financial stresses are causing them to delay milestones for a minimum of five years. At least 50% are waiting to buy a home, 46% are waiting to start saving for retirement, and 40% said they are waiting to start investing.

Bank of America said many Generation Z adults are implementing lifestyle changes to counter the financial pressures. At least 43% of those surveyed said they plan to cut back on dining out, 27% said they are passing on going to events with friends and 24% are shopping at more affordable grocery stores.

Despite the greater discipline, Gen Z is still financially dependent on others. More than half don’t pay for their own housing. Only 46% do pay for their housing, and of those, nearly two-thirds said they spend more than 30% of their monthly paycheck on it. Two out of 10 reported spending more than 51% of their monthly paycheck on housing.

Financial stressors persist, and at least 57% of Gen Z said they do not have emergency savings to cover three months of expenses.

Nearly a third surveyed said they don’t think they make enough money to save any, and only 15% put a set percentage of their paycheck into a savings account each month.

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