According to a report that was released on Wednesday by Bank of America, 46% of Gen Z adults in the United States rely on financial assistance from their parents and families due to inflation and rising living costs.
The bank surveyed 1,091 people between the ages of 18 and 27, and half of them said they would not buy a house in the next five years. In order to meet national population standards, including gender and race, the survey was conducted in April and May.
According to the survey, 40% of young people were unprepared to begin investing in the next five years and 46% of young people were unprepared to save for retirement.
“At the point when I converse with youngsters, particularly Gen Z, I advise them to set a spending plan and stick with it,” said Holly O’Neill, Bank of America’s leader of retail banking.
67% of those surveyed are altering their way of life to offset rising living costs. Budgeting, cutting back on restaurant meals, staying at home rather than going to events, and shopping at cheaper grocery stores are some of the changes. Another issue was the lack of emergency savings, which was a source of frustration for 57% of Gen Z respondents.
