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Gen Z reports putting more focus on financial responsibility, Bank of America study reveals

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May 28, 2026

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Bank of America recently conducted its 2026 Better Money Habits study, which found that 34% of Gen Z report receiving financial assistance from family members, which is down from 46% in 2024. In addition, 81% of Gen Z said it's important to be perceived as financially responsible, according to a press release.

Gen Z are addressing the cost of living by dining out less at 40% or picking up a side hustle at 16%. However, 42% of Gen Z report living paycheck to paycheck, and 49% point to high costs of living as the biggest barrier to financial success.

The generation is also spending less on dates, with 51% not spending any on dates, and 66% said they are saving money on some level.