Poor things!
More than half of adults 18 to 34 years old rely on some sort of allowance from their parents, according to a study released Thursday by the Pew Research Center.
Gen Zers 18 to 24 are most likely to depend on their parents for financial support. In fact, more than half of this cohort survive thanks to their parents helping to pay for basic household expenses.
According to a Harris Poll commissioned by DailyPay, just one-quarter of Gen Zers can pay all of their bills on time.
Many Gen Zers and millennials have even given up on having their folks send them money, choosing to live with them instead.
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They’re living at home with their parents in greater numbers than any generation in recent history.
It’s not just those newest to adulthood who are struggling to afford their basic needs.
Almost 1 in 5adults aged 30 to 34 have their parents chip in for their household bills.
Overall, only about 45% of 18- to 34-year-olds are completely financially independent from their parents, the Pew survey found.
It’s not necessarily that Gen Z and millennials are spoiled or bad at money. Rather, these generations have amassed more debt chasing the American dream than their parents.
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Approximately 40% of adults between 25 and 29 have a college degree today, compared with 24% of the same age group in 1993.
But about 43% of those Zennials — people on the cusps of Gen Z and millennial status — have student debt today, up sharply from 28% in 1993.
Those 29 to 34 years old have about $190,000 in mortgage debt today, compared to $120,000 in 1993, when adjusted for inflation.
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American adults today are also older when accomplishing other common life goals like promotions, marriage and parenthood —and most people recognize the struggle.
Most Americans agree that young adults today face more challenges than their parents’ generation, particularly when it comes to saving for the future, paying for college, buying a home, and finding a spouse, a 2022 Pew Research Center study found.
Experts have noted that financial and cultural changes are likely responsible for adults today delaying when they achieve key milestones.
“We’re likely to see young adults continue to put off important financial and personal milestones because they just can’t afford them,” Matt Schulz, chief credit analyst at LendingTree, told The Post in 2022.
“They’ll keep waiting longer to marry, have kids, buy a house or start a business,” he added.
Some things Gen Z and millennials can’t afford — and others they simply don’t want.
Although a majority of those who continue to rely on their adult allowance are confident that they’re on their way to becoming financially independent, they just might choose a different life path with that independence.
