BofA Study Finds Fewer Gen Z Rely on Family for Financial Assistance, Even With 42% Living Paycheck to Paycheck
Rhea-AI Summary
Bank of America (NYSE:BAC) released its 2026 Better Money Habits study on Gen Z finances. Only 34% now receive financial help from family, down from 46% in 2024, while 42% live paycheck to paycheck and 66% are saving.
Gen Z are cutting spending, using side hustles, and being open about money. Many spend zero on dates, delay relationships for financial reasons, practice loud budgeting, and still indulge in small treats despite frequent financial guilt.
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News Market Reaction – BAC
In the May 19 session, BAC gained 0.02%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 05 | Sports partnership | Positive | +1.8% | Portland Thorns partnership naming BAC official wealth management partner. |
| May 05 | Recognition news | Positive | +1.8% | 2,314 Merrill advisors ranked on Forbes Best-in-State lists. |
| Apr 24 | Financing announcement | Neutral | +1.1% | Financing secured for $16B Oracle data center project in Michigan. |
| Apr 23 | Art conservation grants | Positive | -0.8% | 18 Art Conservation Project grants to institutions across 10 countries. |
| Apr 23 | Dividend declaration | Positive | -0.8% | Declared Q2 2026 common and preferred stock dividends. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent BAC headlines around partnerships, community programs, and dividends often saw modest moves, with some positive news drawing negative price reactions.
Over the last few months, BAC has highlighted community partnerships, brand-focused initiatives, and capital return. On May 5, 2026, a Portland Thorns partnership and strong Merrill advisor recognition coincided with a +1.78% move. In April, announcements on art conservation grants and second‑quarter $0.28 common stock dividends saw a -0.8% reaction, suggesting that philanthropic or routine dividend news does not always translate into upside. Today’s Gen Z financial habits study fits into this pattern of brand and consumer‑insight communications rather than core earnings catalysts.
Key Terms
401(k) financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
From
Key findings
- Nearly
70% of Gen Z have taken concrete steps to manage rising costs in the past year. - The high cost of living remains a challenge, with nearly half (
49% ) of Gen Z citing it as a top barrier to financial success. - Roughly half (
51% ) of Gen Z spend$0 24% ) say they are delaying moving relationships forward due to finances. 60% of Gen Z talk openly about money with friends, and75% look for ways to save when going out.
Redefining what it means to take control of their finances in early adulthood, nearly
"Gen Z knows money stress is real—but they're meeting it head‑on," said Holly O'Neill, President of Consumer at Bank of America. "They're budgeting honestly, cutting back when they need to, and having real conversations about money as they work toward their goals."
High cost of living continues to strain Gen Z
Meanwhile,
Despite the strain on their wallets,
36% put any leftover money into savings when possible;22% contribute to a 401(k) account, and21% put a set percentage of their paycheck into a savings account every month.
The
When it comes to dating, Gen Z is keeping costs down and views a potential partner's relationship with money as a meaningful indicator of compatibility.
- Over half (
51% ) spend$0 14% spend less than$50 - Among those spending less than
$50 24% say they simply aren't interested in dating, while15% say they can't afford it. - Nearly a quarter (
24% ) are delaying moving relationships forward because of their financial situation. 74% say financial responsibility is important in a partner, and43% view irresponsible spending as a dealbreaker (compared to33% of Millennials).
Gen Z is "Loud" and transparent about money
Rather than abandoning financial goals in the face of affordability concerns, Gen Z is setting boundaries, adjusting social habits and being more transparent about money than previous generations:
75% of Gen Z take active steps to save money when making social plans.42% practice "loud budgeting," being vocal with friends about what social outings they can and cannot afford.60% say they talk about money with their friends, covering historically taboo topics like salary (27% ) and financial stress (24% ).- When asked what they'd do with an extra
$300 54% ) say they would put it straight into savings, outpacing Millennials (44% ), Gen X (40% ) and Baby Boomers (45% ).
Little treats with a side of guilt
Gen Z hasn't given up on small indulgences. In fact,
About the 2026 Better Money Habits® Gen Z report
The annual study draws on Bank of America's Better Money Habits® financial education platform and proprietary survey data conducted by Ipsos. The research is based on a nationally representative sample of Gen Z adults (ages 18-29) across
The Bank of America Better Money Habits® platform supports Gen Z in building on positive habits by offering free financial education resources around budgets, setting goals and working toward long-term financial independence.
Methodology
This survey was conducted online from Feb. 10 – 28, 2026, by Ipsos. This study is based on national samples of more than 2,000 respondents, including 1,146 general population adults (age 18 or older) and 1,133 general population Gen Z adults (age 18-29). The survey was conducted both in English and Spanish and utilized samples from both opt-in sources and the Ipsos KnowledgePanel®, the largest and most well-established online probability-based panel that is representative of the adult US population. The margin of sampling error for the general population sample is +/- 3.0 percentage points and for the general population Gen Z sample is +/- 3.0 percentage points at the 95 percent confidence level.
The survey data has been weighted to match national population benchmarks. The general population sample and general population Gen Z sample were weighted separately to match national population demographics of gender, age, race/ethnicity, education, region, metropolitan status, household income, language proficiency and Hispanic origin. Benchmarks for these variables were obtained from the Census Bureau's 2025 Current Population Survey (CPS), with the exception of benchmarks for language proficiency, which were obtained from the Census Bureau's 2024 American Community Survey (ACS).
Better Money Habits
At Bank of America, we're committed to helping people lead better financial lives by equipping them with the skills, knowledge and confidence to succeed. That's why we created Better Money Habits, a financial education platform of tools and information that helps people make sense of their money and take action to improve. As a cornerstone of Better Money Habits, we offer free financial education content and tools, like our Gen Z Financial Guide that breaks down financial topics like budgeting, building credit, borrowing and investing in a way that's approachable and easy to understand. We continually look for ways to expand the reach of Better Money Habits and also offer Spanish language resources on the site.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact
Susan Atran, Bank of America
Phone: 1.646.743.0791
susan.atran@bofa.com
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SOURCE Bank of America Corporation