Bank of America announced on May 19 that fewer members of Generation Z are relying on family for financial assistance, even as a significant portion report living paycheck to paycheck. According to the Bank of America 2026: Gen Z & The Cost of Adulting report, only 34% of Gen Z respondents say they receive some form of financial support from parents or other family members, down from 46% in 2024.
The findings highlight shifting attitudes among young adults regarding financial independence and responsibility. While many still face challenges such as high living costs and economic uncertainty, more are taking active steps to manage their finances without depending on relatives.
Nearly seven out of ten Gen Z individuals have taken concrete actions over the past year to address rising expenses, including reducing spending on dining out, skipping social events with friends, and taking up side jobs. Holly O’Neill, President of Consumer at Bank of America, said: “Gen Z knows money stress is real—but they’re meeting it head‑on. They’re budgeting honestly, cutting back when they need to, and having real conversations about money as they work toward their goals.”
Despite these efforts, challenges remain. Forty-two percent report living paycheck-to-paycheck while nearly half identify the high cost of living as a major barrier to achieving financial success. Housing costs continue to weigh heavily on this group; about one-third cite rent or housing expenses as top obstacles.
Still, there are signs that saving habits are improving within this demographic: sixty-six percent now say they save regularly—up from sixty percent two years ago—with many setting aside leftover funds or contributing directly to savings accounts or retirement plans each month.
The study also found that Gen Z is more open about discussing finances with peers than previous generations and often sets clear boundaries around spending in social situations. Over half spend nothing monthly on romantic dates and most consider a partner’s approach to money an important factor in relationships.
According to Bank of America’s Better Money Habits platform—which underpins the annual survey—the research draws from responses by more than two thousand U.S.-based adults aged eighteen through twenty-nine surveyed in both English and Spanish between February 10–28 this year.
