Parents Financially Supporting Gen Z Highlights Current Economic Woes from peethy z Watch Video

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✓ Published: 14-Mar-2024

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