Gen Z Facing Financial Struggles

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A shopper peruses cheese offerings at a Target store on Oct. 4, 2023, in Sheridan, Colo. Nearly half of Generation Z adults still rely on financial support from family members, according to a new Bank of America survey that paints a bleak picture of young Americans' economic outlook. (AP Photo/David Zalubowski, File)
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(AURN NEWS) — Nearly half of Generation Z adults still rely on financial support from family members, according to a new Bank of America survey that paints a bleak picture of young Americans’ economic outlook. The Better Money Habits Survey, conducted by Ipsos in April and May, reveals that 46% of Gen Z — defined as those aged 18 to 27 — still depend on financial assistance from parents or other family members. 

The survey also highlights several key financial challenges facing American young adults. More than half of respondents (52%) report not earning enough to live the life they desire, with the cost of living cited as the primary obstacle to achieving financial success. A significant number of Gen Zers say they are off track for major financial milestones like homeownership, retirement savings, and investing within the next five years.

Financial insecurity is another pressing concern, with 57% lacking emergency savings to cover three months of expenses. Moreover, 30% say they don’t have enough money to save at all. To cope with financial pressures, many young adults are adopting cost-cutting measures such as reducing dining out, limiting social activities, and opting for more affordable grocery stores.


Click play to listen to the AURN News report from Jamie Jackson:

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