According to BofA, learn about the portion of adult Gen Zers who receive financial support from mom and dad

“Although facing constraints driven by the cost of living, young Americans are showing discipline and foresight in their savings and spending patterns,” noted Holly O’Neill, Chairman of Retail Banking at the United States Cabinet, “It is important that we continue to empower Gen Z to achieve financial health and work toward meeting their long-term goals.”

Despite their high discipline, Gen Z remains financially dependent on others amid the recent high cost of living. Most (54%) do not pay for their own accommodation. Of those who do so (46%), nearly two-thirds (64%) spend more than 30% of their wages per 30 days on housing, and two-in-10 file 51% of their wages per 30 days. Contribute more than %. Accommodation.

Brand new hire money behavior analysis found that “loud budgeting” – being vocal with friends about which social outings they can go on and which they can’t find the money for – has helped Gen Z live their own way. Is of. More than a third (38%) actually feel comfortable turning down social occasions and admit it’s because they can’t find the money to spend. Similarly, 63% do not feel concerned about friends overspending, indicating that Gen Z is facing more insurmountable financial barriers than other generations at the same time.

Gen Z construction continues to strive with financial savings and contribute to their migration.

• Most respondents (57%) do not have enough crisis funds to cover 3 months of bills.
• Nearly one-third (30%) actually think they avoid saving because they don’t make a lot of money.
• Only 15% of Gen Z put a portion of their paycheck directly into a savings account every hour. Only 1 in 5 contribute to a 401(k) plan or Escape account.

• Most Gen Z respondents shared that they feel prepared to maintain financial basics, such as managing their daily expenses (70%), sticking to bargains (70%) and building/managing a credit score (66%).
• The vast majority (82%) of Gen Z have monetary objectives, and the vast majority (51%) are prioritizing them.
• Gen Z continues to spend their remaining source of revenue on experiential expenses like eating out (36%), buying groceries (30%) and vacations (24%) – more than alternative generations.
• 61% of Gen Z girls said the high cost of living is a hindrance to financial good fortune, compared to 44% of their peers.

For additional key points, the complete file (PDF) follows.

The survey was conducted by Ipsos in both English and Spanish April 17 – May 3, 2024 and is based on national advisory risk samples of 1,097 typical household adults (aged 18 and older) and partially overlapping patterns . Out of 1,091 Gen Z adults (while 18-27), with 37 Gen Z adults from the non-chance pattern. The survey was conducted primarily using Ipsos KnowledgePanel®, the most important and best-established online probability-based panel of adult US households. The margin of sampling error for the overall family pattern is +/- 3.1 percentage points at the 95% confidence level.

At United States Cabinet, we are committed to helping the mob dominate better financial lives by equipping them with the skills, knowledge, and confidence to emerge victorious. That’s why we’ve created Higher Cash Behavior, a monetary training platform of tools and data that’s helping crowds understand their cash and pull dynamics. As a cornerstone of high cash behavior, we offer remote financial training materials and tools that tackle thorny financial topics in a way that is understandable and easy to understand. We regularly explore strategies to increase the success of Higher Cash Behavior and also offer Spanish language resources on the website.

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Susan Atran, United States Cabinet
Telephone: 1.646.599.3300
susan.atran@bofa.com