Nearly 50 Percent of Gen Z Receive Monetary Assistance From Family: BofA Survey

Almost 7 in 10 Gen Zers are making changes to their lifestyle to deal with rising expenses, including seeking cheaper grocery outlets.

Food purchased from the Dollar Tree store within a $20 budget include milk, frozen vegetables, dried fruit, wheat bread, pasta sauce, dry pasta, frozen noodles, mayonnaise, a frozen lobster egg roll, cheese, and lunch meat. Jenn Harris/Los Angeles Times/TNS

A large number of Gen Zers aged 18 to 27 are dependent on relatives to meet their financial needs, with many cutting down daily expenses to deal with rising living costs, according to a recent survey by the Bank of America (BofA).

Among Generation Z Americans, 46 percent are reliant on financial assistance from their parents or other family members, BofA said in a July 10 statement. Many respondents said they were “not on track to buy a home (50 percent), save for retirement (46 percent), or start investing (40 percent) within the next five years.” More than half of the respondents were found not to be paying for their own housing. Among those who met the housing costs on their own, two out of 10 stated that more than half their paychecks went into meeting these expenses.