{"id":266919,"date":"2024-07-10T09:00:00","date_gmt":"2024-07-10T13:00:00","guid":{"rendered":"https:\/\/hispanicprwire.com\/english-parent-trap-nearly-half-of-adult-gen-zers-getting-financial-help-from-mom-dad-according-to-bofa-study\/"},"modified":"2024-07-10T09:20:01","modified_gmt":"2024-07-10T13:20:01","slug":"el-dilema-de-los-padres-casi-la-mitad-de-los-adultos-de-la-generacion-z-reciben-ayuda-financiera-de-sus-padres-segun-un-estudio-de-bofa","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/el-dilema-de-los-padres-casi-la-mitad-de-los-adultos-de-la-generacion-z-reciben-ayuda-financiera-de-sus-padres-segun-un-estudio-de-bofa\/","title":{"rendered":"Parent Trap: Nearly Half of Adult Gen Zers Getting Financial Help from Mom &amp; Dad, According to BofA Study"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p class=\"prntac\"><i>Better Money Habits\u00ae Survey Indicates Younger Americans are Delaying Milestones and Implementing Lifestyle Changes to Adapt to Today&#8217;s Economic Realities<\/i><\/p>\n<p><span class=\"xn-location\">CHARLOTTE, N.C.<\/span>, <span class=\"xn-chron\">July 10, 2024<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; Today, 46% of Gen Zers (ages 18-27) rely on financial assistance from parents and family, according to new research from Bank of <span class=\"xn-person\">America America&#8217;s<\/span> <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4208599-1&amp;h=3898837612&amp;u=https%3A%2F%2Fbettermoneyhabits.bankofamerica.com%2F&amp;a=Better+Money+Habits\" target=\"_blank\" rel=\"nofollow\">Better Money Habits<\/a>\u00ae financial education team. In addition, 52% of those surveyed said they don&#8217;t make enough money to live the life they want and cite the cost of living as a top barrier to financial success. Many said they are delaying milestones and are not on track to buy a home (50%), save for retirement (46%), or start investing (40%) within the next five years \u2013 even though they are working toward those goals.<\/p>\n<div id=\"prni_dvprnejpg6cf4left\" dir=\"ltr\" style=\"width: 100%; text-align: left;\"><img decoding=\"async\" id=\"prnejpg6cf4left\" title=\" \" src=\"https:\/\/mma.prnewswire.com\/media\/1612970\/Bank_of_America_Corporation_Logo.jpg\" alt=\" \" align=\"middle\"\/><\/div>\n<p>To offset growing expenses, the study found that two-thirds (67%) are implementing lifestyle changes such as cutting back on dining out (43%), passing on events with friends (27%), and shopping at more affordable grocery stores (24%). A recent <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4208599-1&amp;h=231602826&amp;u=https%3A%2F%2Finstitute.bankofamerica.com%2Feconomic-insights%2Fconsumer-checkpoint-june-2024.html%3Futm_source%3DEmail_Institute%26utm_medium%3DEmail%26utm_campaign%3DMedia_CC_June_24%26utm_content%3D061124_n_05_economic-insights%2Fconsumer-checkpoint-june-2024.html&amp;a=Bank+of+America+Institute+analysis\" target=\"_blank\" rel=\"nofollow\">Bank of America Institute analysis<\/a> further demonstrated these findings, noting Gen Z and Millennials are &#8220;trading down&#8221; to combat rising costs \u2013 this despite a strong labor market over the last few years.<\/p>\n<p><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4208599-1&amp;h=924733709&amp;u=https%3A%2F%2Fcdnapisec.kaltura.com%2Fp%2F4699762%2FembedPlaykitJs%2Fuiconf_id%2F52843002%3Fiframeembed%3Dtrue%26entry_id%3D1_3sxqhhe2&amp;a=Watch+a+video+message\" target=\"_blank\" rel=\"nofollow\">Watch a video message<\/a> from <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4208599-1&amp;h=1191642022&amp;u=https%3A%2F%2Fnewsroom.bankofamerica.com%2Fcontent%2Fnewsroom%2Fexecutive-bios%2Fholly-o-neill.html&amp;a=Holly+O%27Neill\" target=\"_blank\" rel=\"nofollow\"><span class=\"xn-person\">Holly O&#8217;Neill<\/span><\/a>, President of Retail Banking<\/p>\n<p><i>&#8220;Though faced with obstacles driven by the cost of living, younger Americans are showing discipline and foresight in their saving and spending patterns,&#8221; said <b><span class=\"xn-person\">Holly O&#8217;Neill<\/span>, President of Retail Banking at Bank of America<\/b>. &#8220;It is critical that we continue to empower Gen Z to work toward achieving financial health and meeting their long-term goals.&#8221;<\/i><\/p>\n<p><b>Getting Support and Saying No<br \/><\/b>Despite their greater discipline, amidst today&#8217;s high cost of living, Gen Z remains financially dependent on others. Over half (54%) don&#8217;t pay for their own housing. Of those who do (46%), nearly two-thirds (64%) report spending over 30% of their monthly paycheck on housing, and two-in-10 report contributing over 51% of their monthly paycheck to housing.<\/p>\n<p>The new Better Money Habits research found that &#8220;loud budgeting&#8221; \u2013 being vocal with friends about what social outings they can and cannot afford \u2013 has helped Gen Z live within their means. More than one-third (38%) feel comfortable declining social opportunities and admitting it is because they can&#8217;t afford the expense. Similarly, 63% do not feel pressured by friends to overspend, indicating that Gen Z may be drawing firmer financial boundaries compared to other generations at the same age.<\/p>\n<p><b>Saving Struggles<br \/><\/b>Gen Z continue to struggle with building savings and contributing to their retirement.<\/p>\n<ul type=\"disc\">\n<li>Over half (57%) of respondents do not have enough emergency savings to cover three months of expenses.<\/li>\n<li>Nearly one-third (30%) feel they don&#8217;t make enough money to save.<\/li>\n<li>Only 15% of Gen Z put a set percentage of their paycheck into a savings account each month. Just 1 in 5 contribute to a 401(k) plan or retirement account.<\/li>\n<\/ul>\n<p><b>Additional Insights from the Survey:<\/b><\/p>\n<ul type=\"disc\">\n<li>Most Gen Z respondents shared that they feel equipped to handle financial basics, such as managing their day-to-day expenses (70%), sticking to a budget (70%) and building\/managing credit (66%).<\/li>\n<li>The vast majority (82%) of Gen Z have financial goals, and over half (51%) are prioritizing them.<\/li>\n<li>Gen Z continues to use their leftover income on experiential spending like dining out (36%), shopping (30%) and entertainment (24%) \u2013 higher than other generations.<\/li>\n<li>61% of Gen Z women said the high cost of living is a barrier to financial success, vs. 44% of men.<\/li>\n<\/ul>\n<p>For more details, please see the <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4208599-1&amp;h=3646663758&amp;u=https%3A%2F%2Fnewsroom.bankofamerica.com%2Fcontent%2Fdam%2Fnewsroom%2Fdocs%2F2024%2FBofA_BMH_GenZsurvey%25202024%2520Report.pdf&amp;a=full+report+(PDF)\" target=\"_blank\" rel=\"nofollow\">full report (PDF)<\/a>.<\/p>\n<p><b>Methodology<br \/><\/b>This survey was conducted <span class=\"xn-chron\">April 17<\/span> \u2013 <span class=\"xn-chron\">May 3, 2024<\/span>, by Ipsos in both English and Spanish and is based on nationally representative probability samples of 1,097 general population adults (age 18 or older) and a partially overlapping sample of 1,091 Gen Z adults (age 18-27), including 37 Gen Z adults from a non-probability sample. This survey was conducted primarily using the Ipsos KnowledgePanel\u00ae, the largest and most well-established online probability-based panel that is representative of the adult US population. The margin of sampling error for the general population sample is +\/- 3.1 percentage points at the 95 percent confidence level.<\/p>\n<p><b>Better Money Habits<br \/><\/b>At Bank of America, we&#8217;re committed to helping people lead better financial lives by equipping them with the skills, knowledge and confidence to succeed. That&#8217;s why we created Better Money Habits, a financial education platform of tools and information that helps people make sense of their money and take action to improve. As a cornerstone of Better Money Habits, we offer free financial education content and tools that break down financial topics in a way that&#8217;s approachable and easy to understand. We continually look for ways to expand the reach of Better Money Habits and also offer Spanish language resources on the site.<\/p>\n<p><b>Bank of America<br \/><\/b>Bank of America is one of the world&#8217;s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in <span class=\"xn-location\">the United States<\/span>, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users.\u00a0 Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services.\u00a0 The company serves clients through operations across <span class=\"xn-location\">the United States<\/span>, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.<\/p>\n<p>For more Bank of America news, including dividend announcements and other important information, visit the <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4208599-1&amp;h=1111598159&amp;u=http%3A%2F%2Fnewsroom.bankofamerica.com%2F&amp;a=Bank+of+America+newsroom\" target=\"_blank\" rel=\"nofollow\">Bank of America newsroom<\/a> and <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4208599-1&amp;h=1512480494&amp;u=http%3A%2F%2Fnewsroom.bankofamerica.com%2Falerts&amp;a=register+for+news+email+alerts\" target=\"_blank\" rel=\"nofollow\">register for news email alerts<\/a>.<\/p>\n<p><b>Reporters may contact:<\/b><\/p>\n<p><span class=\"xn-person\">Susan Atran<\/span>, Bank of America<br \/>Phone: 1.646.599.3300<br \/><a href=\"mailto:susan.atran@bofa.com\" target=\"_blank\" rel=\"nofollow\">susan.atran@bofa.com<\/a><\/p>\n<p>Logo &#8211; <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=4208599-1&amp;h=47271521&amp;u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1612970%2FBank_of_America_Corporation_Logo.jpg&amp;a=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F1612970%2FBank_of_America_Corporation_Logo.jpg\" target=\"_blank\" rel=\"nofollow\">https:\/\/mma.prnewswire.com\/media\/1612970\/Bank_of_America_Corporation_Logo.jpg<\/a>\u00a0<\/p>\n<p>SOURCE  Bank of America Corporation<\/p>\n<\/div>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p class=\"prntac\"><i>Better Money Habits\u00ae Survey Indicates Younger Americans are Delaying Milestones and Implementing Lifestyle Changes to Adapt to Today&#8217;s Economic Realities<\/i><\/p>\n<p><span class=\"xn-location\">CHARLOTTE, N.C.<\/span>, <span class=\"xn-chron\">July 10, 2024<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; Today, 46% of Gen Zers (ages 18-27) rely on financial assistance from parents and family, according to new research from Bank of <span class=\"xn-person\">America America&#8217;s<\/span> &lt;a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":266920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-266919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-negocios-y-finanzas"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/266919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/comments?post=266919"}],"version-history":[{"count":"1","href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/266919\/revisions"}],"predecessor-version":[{"id":266921,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/266919\/revisions\/266921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media\/266920"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=266919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=266919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=266919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}