Inflation Squeeze: Gen Z Turns to Parents and Budget Cuts to Survive

A Bank of America study reveals that Gen Z adults in the U.S. are struggling financially due to inflation and rising living costs, with nearly half relying on parental support. The survey of 18-27 year-olds shows that 50% are not on track to buy a home within five years, 46% are unprepared for retirement savings, and 40% are not ready to start investing. To cope with increasing expenses, two-thirds of respondents are making lifestyle changes, including budgeting, reducing dining out, and opting for cheaper groceries. Bank of America’s president of retail banking emphasizes the importance of budgeting for this generation facing economic challenges.