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BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to
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[{"type":"text","content":"From $0 date nights to loud budgeting, Better Money Habits® Survey reveals how Gen Z is managing through affordability challenges and social spending pressureKey findingsNearly 70% of Gen Z have taken concrete steps to manage rising costs in the past year.The high cost of living remains a challenge, with nearly half (49%) of Gen Z citing it as a top barrier to financial success.Roughly half (51%) of Gen Z spend $0 per month on romantic dates, and nearly a quarter (24%) say they are delaying moving relationships forward due to finances.60% of Gen Z talk openly about money with friends, and 75% look for ways to save when going out.CHARLOTTE, N.C., May 19, 2026 /PRNewswire/ -- According to the Bank of America 2026 Better Money Habits® financial education study, 81% of Gen Z (ages 18-29) say it's important to be perceived by others as financially responsible, and fewer are relying on family for financial assistance. Today, 34% of Gen Z report receiving some form of financial assistance from their parents or other family members, down from 46% in 2024. When examined more closely, while 51% of younger Gen Z (ages 18-22) receive financial assistance, this drops to 29% for middle Gen Z (23-25) and just 18% for older Gen Z (26-29).Redefining what it means to take control of their finances in early adulthood, nearly 70% of Gen Z have taken concrete steps in the past year to manage rising costs, including cutting back on dining out (40%), passing on events with friends (24%) and picking up a side hustle (16%). \"Gen Z knows money stress is real—but they're meeting it head‑on,\" said Holly O'Neill, President of Consumer at Bank of America. \"They're budgeting honestly, cutting back when they need to, and having real conversations about money as they work toward their goals.\"High cost of living continues to strain Gen ZMeanwhile, 42% of Gen Z report living paycheck-to-paycheck, and the high cost of living remains a significant barrier, with nearly half (49%) citing it as a top barrier to financial success. According to Bank of America Institute, median rent growth for Gen Z and Millennials slowed significantly in the 12 months to February 2026 compared to 2024 and 2023. However, housing costs still weigh heavily on this generation, with nearly 30% of those surveyed pointing to housing and rent as top barriers to financial success, a f...