Nearly two-thirds of parents support their Gen Z kids financially, survey finds

Rising costs and shaky job prospects are keeping young adults financially dependent.

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According to Wells Fargo’s recent Money Study, 64% of parents with Gen Z children say their 18- to 28-year-old kids still rely on them for financial support—whether it’s for housing or other expenses. 

Of the 3,773 U.S. adults surveyed at the end of last year, more than half who are parents (56%) said the monetary support they’re extending to their adult children adds a strain on their own finances.

“It’s not surprising that young adults are leaning on both family and nontraditional sources for support, but these dynamics are also putting pressure on parents,” Emily Irwin, Wells Fargo’s head of private wealth planning, said in a press release. “Open communication, clear expectations, and shared planning can help families navigate this stage together.”

Nearly half of the study’s Gen Z respondents described their financial lives as “messy.” Considering the shrinking pool of entry-level jobs, mounting living costs, and high rates of career-related anxiety, “messy” might be a mild descriptor.

On the one hand, parents lending a financial hand to young adults (if they have the means to do so) isn’t new. Many millennials received similar help as they struggled to find entry-level jobs while saddled with student debt during the Great Recession; in fact, many lived at home with their parents for years. With the rise of AI and a radically shifting professional landscape, Gen Zers are now struggling to launch their careers.

Young adults still have a desire to make a future for themselves—they’re just approaching career-building through more nontraditional methods. A third of respondents in the Wells Fargo study said they took on side hustles and extra jobs to earn more income last year.

A Harris Poll survey published in September revealed that more than half (57%) of Gen Z respondents had a side gig, compared to just 21% of baby boomers. Some young adults might prefer the freedom and flexibility that comes with having multiple gigs—but for many it’s not a way of life they necessarily want, but one they need to stay afloat.

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