Nearly half of Gen Z rely on financial help from parents, family: BofA survey

foxbusiness.com:

TikTok star Taylor Price on why she started helping younger generations to manage their money and best tips for financial freedom.

A new survey by Bank of America finds that nearly half of adult members of Gen Z are relying on financial help from their parents and family members to get by.

The survey for Bank of America's Better Money Habits team found that 46% of Gen Z are receiving financial assistance from their parents or other family members, a figure that declines to 30% for Gen Z non-students.

Holly O'Neill, president of retail banking at Bank of America, told reporters on Tuesday that, «Gen Zs are coming out and becoming independent, so I think if I were to want to see progress in a category, that would be… Gen Z becoming more independent from family and friends.»

«Maybe I'm biased because I have three Gen Zs I'm trying to make independent, but I think that's a marker that they're setting a budget and they're living up to that budget, so that's an area I'd like to see some progress on,» O'Neill said.

CREDIT CARD DELINQUENCIES ARE SURGING – AND RISING FASTEST IN THIS CALIFORNIA CITY

More than half of Gen Z respondents said they're receiving financial assistance when account for parents and family as well as friends and the government. (Photo by: HUM Images/Universal Images Group via Getty Images / Getty Images)

Aside from the 46% of Gen Z receiving financial support from parents, a further 3% said they're getting help from friends while 9% said they're receiving funds from the government, meaning that 54% of Gen Z are receiving some form of financial assistance.

Of those who received financial assistance, 32% get $1,000 a month or more while 44% are getting less than $500 per month. Non-student Gen Z