Nearly half of Gen Zers get help from the bank of mom and dad, report finds
Nearly half of Gen Zers get help from the bank of mom and dad, report finds
Today, 46% of Gen Zers rely on financial assistance from their family to get by, according to a new report from Bank of America.
Hillarious, like the problem isn't that the other half's parents are too poor to help out. Gen Z'ers wages suck, and so do their parents' wages, in general.
14This seems kind of meaningless without comparisons to other generations at the same age. And whether this is unusual or not seems to also depend a lot on socioeconomic class...I don't think it's very unusual for well-to-do parents to give some amount of money to young adult children? Actually aren't a lot of gen Z still in high school? If anything I'm surprised so many millennial parents have extra money to give.
9Nearly half, or 46%, of Gen Zers between the ages of 18 and 27 rely on financial assistance from their family, according to a new report from Bank of America.
So not in high school.
And I don't think these are millennial parents, since the oldest end of millennials would be 42, meaning to have a kid that's 27, they would've had to have kids at 15... So I think this is mostly Gen X, which would be people from 43-58yo.
But why would millennials be cash-strapped? Millennials are 29-42, which should be right in the middle of their careers. They're not at their income peaks, but they should be getting out of the child care range, which is one of the biggest expenses for a parent (at least until college years).
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I think in the UK they have started to offer intergenerational mortgages, considering how unaffordable housing became.
It blows my mind that back in the days people with very simple jobs were able to afford buying their roof, nowadays it is a challenge even for highly skilled professionals if they happen to live in a highly sought city.
8intergenerational mortgages
Oh we're back to generational debt already? Can we start calling it indentured servitude already?
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Might be interesting to ask ourselves, what the natural order really is: is intergenerational support the outlier, or the norm? Historically and across cultures.
For comparisons, intergenerational housing of millennials was often viewed as an anomaly, but in fact it is generational housing that is an anomaly, specifically a product of post-war affluence.
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