Important Takeaways:
- The new research (Talker Research) showed that 49 percent of Gen Z respondents agreed that in-laws should provide financial support to their child and their child’s partner.
- By comparison, 37 percent of millennials born between 1981 and 1996 and 30 percent of Gen X respondents born from 1965 to 1980 also agreed that in-laws should be chipping in.
- These findings highlight a growing trend among Gen Z, who are grappling with economic challenges such as student debt, housing costs and an increasingly uncertain job market.
- For many, turning to in-laws for financial help has become a reasonable expectation, particularly because the research also revealed that 46 percent of Gen Z agreed their in-laws were better off financially than they were.
- “In general, Gen Z has grown up feeling like the financial cards are stacked against them, making prosperity woefully out of reach,” Levine said. He added that they have a closer relationship with their parents than previous generations, and therefore feel comfortable asking for help.
- “For example, in the U.S., the percentage of American Gen Zers who can afford to buy a house without parental assistance is less than 20 percent, which is abysmally low. Add to that student loan debt and the general high cost of living, and it’s no surprise that many members of this generation still look to their parents to help with their own families,” the trends expert said.
- Levine added that the influence of social media doesn’t reflect an accurate representation of real life, leading many Gen Zers to live beyond their means.
- “Part of the reason that many young adults rely on their parents more than in the past is because more parents are fostering dependency with their children that lasts into adulthood,” Levine said.
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