At least they are doing something about it…..
A new study from Bank of America revealed almost half of Gen Z are receiving financial assistance from their parents.
Forty-three percent are cutting back on eating out, and 24% now shop at more affordable grocery stores. Twenty-seven percent are forgoing events with friends in a new trend called “loud budgeting,” which involves being vocal with friends about which events they can and cannot afford.
Banking analysts call this strategy “trading down” on fighting rising costs, something that more Gen Z and millennials are doing in hopes of gaining financial freedom. “Though faced with obstacles driven by the cost of living, younger Americans are showing discipline and foresight in their saving and spending patterns,” Bank of America’s President of Retail Banking, Holly O’Neill, said.
“It is critical that we continue to empower Gen Z to work toward achieving financial health and meeting their long-term goals.”
Most Gen Z respondents said they feel prepared to tackle financial basics thanks to some lifestyle changes. Seventy percent now stick to a budget and 66% are working towards better credit management.
Source: Black Enterprise
