Nearly half of Generation Z adults—ages 18 through 27—rely on financial assistance from parents and family, according to a new survey of younger Americans’ money habits by Bank of America. The survey found that 46% of respondents rely on family assistance while 52% said they don’t make enough money to live the life they want while citing the cost of living as a top barrier to financial success. As a result, many are delaying major life milestones, such as buying a home (50%), saving for retirement (46%) and investing (40%).
The survey also found that 67% of respondents are implementing lifestyle changes such as cutting back on dining out, passing on events with friends and shopping at more affordable grocery stores. More than half of respondents (57%) said they do not have enough emergency savings to cover three months of expenses, and nearly one-third (30%) feel they don’t make enough money to save. Still, most respondents said they feel equipped to handle day-to-day expenses and are sticking to a budget, and more than half (51%) prioritize financial goals.
