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
