"[Adult Gen Z] kids who are receiving the financial support are really in this perfect storm. They're feeling uncertain about their career, their profession, and the stability of receiving a paycheck. They're combining that with a desire to want to save more than they have even in prior years."
"Their dollars in action during their lifetime, versus simply at death, is fueling an earlier wealth transfer informed by those who were once in their children's shoes."
"Having gone through that cycle themselves, parents want to turn the tide on the 'big inheritance movement' they once benefited from (perhaps too late) in life."
A significant percentage of Gen Z adults, aged 18 to 28, depend on their parents for financial support, with 64% of parents reporting this reliance. This support is causing financial strain for 56% of parents. Contrary to assumptions, parents are not funding extravagant lifestyles but are covering essential living expenses. Gen Z faces a tough job market and high living costs, leading to a desire for financial stability. Parents are opting for earlier wealth transfers to assist their children rather than waiting until death.
Read at Fortune
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