economy
Many Gen Z adults still get financial help from their parents
Financial support from your parents can help you to become independent. But that means treating the money "as a plan, not a lifestyle," one advisor said.
TL;DR
- 64% of parents with Gen Z children (ages 18-28) provide financial support (money, housing, etc.).
- 56% of these parents feel this support strains their own finances.
- Support should be approached as a 'plan, not a lifestyle' to maintain healthy relationships.
- Clear terms, such as whether support is a gift or loan, interest rates, and repayment schedules, are essential.
- Written agreements are recommended for clarity and to avoid future resentment.
- Young adults should present a budget, savings goals, and a timeline to parents.
- Regular check-ins should include updates on income, job search, and debt repayment.
- Accepting parental support can conflict with cultural ideals of self-reliance but often enables future independence.