Generation Z is not afraid to ask for help in the financial department, according to a recent poll commissioned by Newsweek.
Traditional lines of financial responsibility are being reshaped by those aged between 18 and 26, who believe that their in-laws should be contributing to their child and their child’s partner. This random double-opt-in survey of 1,000 general-population Americans was commissioned by Newsweek between August 27 and August 29, 2024.
Photo Illustration by Newsweek
It was conducted by market research company Talker Research, whose team members are members of the Market Research Society (MRS) and the European Society for Opinion and Marketing Research (ESOMAR).
The new 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.
Interestingly, finances were a point of contention for Gen Z and their in-laws, as the research found that 17 percent clash with their in-laws about financial decisions.
Trends expert and keynote speaker Daniel Levine told Newsweek how the nuclear family dynamic as being redefined, with parents and in-laws remaining very much involved after their children even after they have moved out.
“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.
Providing financial support to their child and their child’s partner could be a way of maintaining a close relationship for parents who struggle with attachment issues, Levine added.
