Gen Zs are an independent generation but with the rising cost of living, many are receiving both emotional and financial support from their parents. We’re seeing a lot of Gen Zs build entrepreneurial futures as freelancers and influencers, but it takes a while to build a status, right? While it was once frowned upon to lean on parental support as an adult, Gen Zs are embracing the opportunity to pursue their dreams and live flexible lives. Let’s look at some of the ways that Gen Zs are confidently turning to their folks to allow their dreams to blossom.
Rent-Free Living
With housing costs soaring, many Gen Z adults find themselves living at home to save money. Parents are willing to open their doors to provide a financial cushion while they pursue their goals and dreams.
College Tuition
With rising tuition costs, many Gen Zs are opting for apprenticeships and vocational training to get them on the financial ladder. However, those who choose to study are facing sky-high tuition fees. Many parents are stepping in to assist with college costs, helping their kids avoid crippling student debt.
Car Expenses
With a need for independence, Gen Zs are more keen to drive than previous generations, but expensive car prices coupled with running costs can be crippling. From buying a car to helping with insurance and gas, parents know a reliable vehicle is essential for work and life.
Health Insurance
Until the age of 26, parents can keep their children on their health insurance plans, offering crucial support for medical expenses. It’s no surprise that they’re enabling their children to continue receiving medical support, and it allows them to pursue their goals without the burden of pricey medical bills.
Phone Bills
Staying connected is vital, especially when you’re part of an entrepreneurial generation. Social media is an essential part of living. How else do you gain thousands of followers? Parents often cover phone bills to ensure their kids have uninterrupted communication and can build their profiles with ease.
Encouraging Social Skills
Gen Zs are technological wizards, but that can come with too much time on a handheld device and too little time socially interacting. With social anxiety on the rise, parents are helping to support their adult kids by encouraging them to meet friends face to face like the good old days. It’s much healthier to have a balance and can keep mental issues at bay.
Grocery Runs
Many Gen Zs are choosing to go for a meatless diet but vegan groceries don’t come cheap. To ease financial stress and ensure good nutrition, parents frequently help with groceries or invite their kids over for home-cooked meals. They need to stay healthy to nurture their upcoming success, right?
Streaming Subscriptions
As a generation of streaming lovers, watching the latest TV shows has never been more essential than it is for Gen Zs. Netflix, Hulu, and Spotify are a must, but they don’t come cheap. Parents often foot the bill for these subscriptions, helping their adult kids stay entertained and up to date without extra costs.
Financial Advice
Navigating the financial world can be daunting. While Gen Zs seem to have a good grasp of the financial landscape, no one knows more than those who have experienced the trials and tribulations of balancing their hard-earned dollars. Parents can provide essential guidance on budgeting, investing, and managing money.
Gender Identity
Gen Zs have shown that they have less traditional views of sexuality than the generations that preceded them. It is common now to see genders as non-binary and fluid. While this movement is a vastly different phenomenon from those before them, it’s vitally important for parents to gain an understanding and emotionally support the views of their adult kids.
Emergency Funds
Life is unpredictable, even for a wise Gen Z individual. Parents often set aside or offer emergency funds to help them through unexpected financial hardships. Everyone needs a bit of financial help now and again, particularly if you’re the next big YouTube star.
Co-Signing Loans
Whether for a car, a house, or starting a business, parents often co-sign loans to help their adult children secure the necessary funding. It’s a great way to support their independence and Gen Zs are keen to go it alone as soon as possible. What’s wrong with a little handout from time to time?
Paying Off Debt
They’re a smart generation and vastly outwit previous generations with their savvy attitudes. However, getting that fresh start is never easy. To give their adult kids a fresh start, many parents help pay down or eliminate credit card and student loan debt.
Supporting Side Hustles
No one side hustles like the Gen Zs. They’re keen on financial independence and realize that with rising costs, they need to earn the dollars where they can. They’re not afraid to work long hours to make it happen and recognizing the entrepreneurial spirit, parents often invest in or support their kids’ side gigs and small businesses.
Travel Expenses
Covering travel costs for job interviews, family visits, or just a well-needed vacation is another way parents support their Gen Z kids. Building contacts for business is necessary, and that means trips away from home to network or just for some downtime. They know what they want and they’re not afraid to ask their parents to help them get there.
Providing Childcare
They might be a generation of hustlers, but those who have children are putting their kids before anything else. They rank employer childcare support over healthcare, and they’ll willingly leave their jobs or seek alternative options if their bosses won’t support that. For Gen Z parents, free or affordable childcare from grandparents is a significant support, allowing them to work and save money.
Furniture and Home Essentials
We’re seeing a rise in Gen Zs that are buying homes and it comes as little surprise with their desire for independence. They’re not ashamed to seek support from their parents to help furnish apartments and homes with necessary items, making the transition to independent living smoother and more affordable.
Mental Health Support
Good mental health is key for Gen Zs. Thanks to their outspokenness, the forums have opened for speaking up about mental health issues. Recognizing the importance of mental well-being, parents often help cover therapy costs or offer emotional support to their Gen Z kids.
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