Youth

Time - A new report released last week by the Bank of America’s Better Money Habits financial education team found that 46% of Gen Zers between the ages of 18 and 27 rely on financial assistance from their parents and family. The survey—which polled more than 1,000 Gen Zers in April and May—found that 52% of respondents said they don’t make enough money to live the life they want, pointing to the cost of living as one of the main financial challenges Gen Z faces...

Gen Zers who receive financial assistance—either from their family, the government, or friends—said they used that money to help pay for groceries and toiletries, rent and utilities, phone plans, and health-related expenses, the report found. Many of the Gen Zers surveyed for the report said they’re pushing back major milestones, including buying a house, saving for retirement, or starting to invest. About 54% of them said they don’t pay for their own housing. Of those who do, nearly two-thirds said they’re spending more than 30% of their monthly paycheck on housing. Stephens says that general financial advice dictates that people should spend no more than 20-30% of their monthly income on housing.