Parents Financially
Supporting Gen Z , Highlights Current , Economic Woes.
'Newsweek' reports that a recent
survey found that 47% of parents are
financially supporting their adult Gen Z children.
While this number includes everything from
credit card bills to vacations, another 60% said
they are still covering their kids' monthly rent.
Overall, the survey by Savings.com found
that parents are paying twice as much for their
adult children than they are contributing to their retirement savings every month.
The survey found that parents are contributing
an average of $1,384 per month to their
kids, and just $609 to their savings.
'Newsweek' reports that while some may accuse
Gen Z of mooching off their parents, analysts suggest
it may be a sign of the current state of the economy.
Amid surging rent and food prices, many
Gen Z-ers are entering low paying jobs
while also shouldering massive student debt.
There is a clear challenge in
the economy today. Driven by
a convoluted mix of socioeconomic
factors, adults receive help from
their parents well into their
twenties, thirties, and beyond, Beth Klongpayabal, Savings.com's
analytics manager, via 'Newsweek'.
For some, it's tempting to simply
say that today's young adults are
just mooches and that a strong foot
in the rear will launch them into
normal, independent adulthood, Beth Klongpayabal, Savings.com's
analytics manager, via 'Newsweek'.
For some, it's tempting to simply
say that today's young adults are
just mooches and that a strong foot
in the rear will launch them into
normal, independent adulthood, Beth Klongpayabal, Savings.com's
analytics manager, via 'Newsweek'.
That may be gratifying for parents
who are tired of footing the bill,
but it doesn't solve or even
properly describe the economic
factors at play, such as
rising housing costs, Beth Klongpayabal, Savings.com's
analytics manager, via 'Newsweek'.
'Newsweek' reports that many parents are also facing
job insecurity and record amounts of debt, painting
a dire picture of a multigenerational economic crisis.
'Newsweek' reports that many parents are also facing
job insecurity and record amounts of debt, painting
a dire picture of a multigenerational economic crisis