Gen Z consumers rely on parents amid inflation squeeze

Gen Z adults in the U.S. face increasing financial challenges because of inflation and rising living costs, with 46% relying on financial assistance from their parents and families, according to a report by Bank of America published on Wednesday.

Half of the 1,091 people aged 18 to 27 surveyed by the bank were not on track to buy a home in the next five years. Respondents were polled in April and May, with the survey weighted to meet national population benchmarks, including gender and race.

The survey showed 46% of young people were unprepared to save for retirement and 40% were not ready to start investing in the next five years.

“When I talk to young people, especially Gen Z, I tell them to set a budget and stick with it,” said Holly O’Neill, Bank of America’s president of retail banking.


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