A new survey by Bank of America found that 46% of adult members of Gen Z are getting financial assistance from parents or family members to cover housing, groceries and other needs.
A new survey by Bank of America finds that nearly half of adult members of Gen Z are relying on financial help from their parents and family members to get by. The survey for Bank of America's Better Money Habits team found that 46% of Gen Z are receiving financial assistance from their parents or other family members, a figure that declines to 30% for Gen Z non-students.
Aside from the 46% of Gen Z receiving financial support from parents, a further 3% said they're getting help from friends while 9% said they're receiving funds from the government, meaning that 54% of Gen Z are receiving some form of financial assistance. Of those who received financial assistance, 32% get $1,000 a month or more while 44% are getting less than $500 per month.
The survey also found that more than half of Gen Z, 52%, don't make enough money to live the life they want because of the high cost of living. To deal with rising expenses, 43% of Gen Z reported cutting back on dining out, 27% passed up events with friends, 24% switched to more affordable grocery stores and 21% started using a budget. Over half of Gen Z, 54%, said they don't pay for their housing.
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