""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 stated. "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."
"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."
"A third of respondents in the Wells Fargo study said they took on side hustles and extra jobs to earn more income last year."
Wells Fargo's Money Study reveals that 64% of parents with Gen Z children financially support their adult kids, causing strain on their own finances. Over half of parents reported this support as a financial burden. Nearly half of Gen Z respondents described their financial situations as 'messy' due to job scarcity and high living costs. Many young adults are turning to side hustles, with 57% of Gen Z having a side gig, reflecting a shift in career-building approaches compared to previous generations.
Read at Fast Company
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