2025 Insights: Why 80% of Gen Z and Millennials Seek Financial Independence Over Asking Parents for Help
Discover how Gen Z and millennials are striving to build credit history and gain financial independence despite challenges with parental financial support and spending habits.
Recent research commissioned by Experian and conducted by AtomikResearch reveals that nearly two-thirds of Gen Z and millennial consumers feel embarrassed about relying on their parents for financial support and are eager to achieve greater financial independence.
Essential Findings
- 54% of millennials and Gen Z individuals acknowledge some level of financial dependence on their parents, while 64% believe their parents are not exemplary financial role models.
- Unhealthy spending habits contribute significantly to financial instability among these generations.
- Establishing a solid credit history is viewed by approximately 80% as vital to attaining financial autonomy, with many actively working towards this goal.
- There remains uncertainty among many young adults regarding the best strategies to build and maintain good credit.
The study highlights that 47% of millennials (ages 27-42) still feel financially dependent on their parents, compared to 61% of Gen Z (ages 18-26). Despite this, the majority recognize the importance of credit history in fostering independence and are taking steps to improve it.
One contributing factor to this challenge is the lack of positive financial role models, as nearly 65% of respondents indicated their parents do not exemplify strong financial habits.
Additionally, both generations admit to struggling with impulse spending, often prioritizing experiences such as travel and concerts over long-term savings like retirement funds.
The survey involved 2,008 adults aged 18-42 across the United States, evenly split between Generation Z and millennials, providing a comprehensive overview of current financial attitudes and behaviors.
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