07/19/2024

‘We Want To Be Independent’

Nearly half of Gen Zers rely on financial help from their parents

Joe Cruz works three jobs in Austin. But because of debt and the rising cost of living in Texas, the 26-year-old moved in with his dad a couple years ago and has been there since.

"I tried the whole renting thing," said Cruz to TIME. "It was just outrageously expensive, so I moved back home, and I've been there for about two years now – paying off student debt, credit cards, car payment, that stuff."

Cruz is one of the many people in his generation who receives some form of financial help. A new report released last week by the Bank of America’s Better Money Habits financial education team found that 46 percent 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 52 percent 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.

Please select this link to read the complete article from TIME.