Post by abbey1227 on Jul 12, 2024 13:25:29 GMT
Survey: Nearly half of Gen Z receives financial support from parents or other family
A new survey found that almost half of Gen Z adults rely on family for financial support.
By Andrew McMunn Published: Jul. 11, 2024
(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.
www.wbay.com/2024/07/11/survey-nearly-half-gen-z-receives-financial-support-parents-or-other-family/?fbclid=IwZXh0bgNhZW0CMTEAAR2lLDkwveQuqTqhFJabYp_D48XZPa7rLgFs7bN8N82oxZudtTHNWW9frLs_aem_oh3zSAytahKHomWkvU4LNA
A new survey found that almost half of Gen Z adults rely on family for financial support.
By Andrew McMunn Published: Jul. 11, 2024
(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.
www.wbay.com/2024/07/11/survey-nearly-half-gen-z-receives-financial-support-parents-or-other-family/?fbclid=IwZXh0bgNhZW0CMTEAAR2lLDkwveQuqTqhFJabYp_D48XZPa7rLgFs7bN8N82oxZudtTHNWW9frLs_aem_oh3zSAytahKHomWkvU4LNA