According to a Bank of America survey released on Wednesday, 46% of Gen Z people in the U.S. rely on financial support from their parents and relatives as they confront growing financial issues due to inflation and increased living expenses.

Out of 1,091 respondents between the ages of 18 and 27, half did not plan to purchase a home over the next five years. The survey, which was weighted to match national population standards for gender and race, was administered to respondents in April and May.

According to the poll, 40% of young people were not ready to begin investing in the next five years, and 46% were not ready to save for retirement.

“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.

Sixty-seven percent of those surveyed are altering their lifestyles to counter rising living costs. Budgeting, eating fewer meals out, staying in rather than going to events, and buying at less expensive grocery shops are some of the changes.

Another issue was emergency savings, with 57% of Gen Z respondents reporting they did not have enough money for three months’ worth of bills.

(Adapted from TheEpochTimes.com)

Categories: Economy & Finance, Strategy