This report by GoHenry reveals that the increased financial independence of Gen Z and Alpha could put the bank of mum and dad out of business.
While parents may feel pressure to support their kids, young people do not always feel the same. Around 1 in 5 (19%) 16-18-year-olds say they do not expect parents to provide them with any financial help.
When looking at specific life milestones, almost three-quarters of young people (74%) don’t expect parents to help pay for a wedding, 72% don’t expect parents to help buy a house and 64% don’t expect parents to help foot the bill for the cost of education, such as university, training or an apprenticeship.
In fact, UK youngsters are saving more than ever before with a 145% uplift year-on-year. Overall, savings hit an average of £61.03 per child, which is a monthly average of £5.09 and a weekly average of £1.17.
With their new-found financial independence, more than four in 10 UK youngsters (42%) are already planning how to fund key life milestones. The most popular include:
- Buying a house (35%)
- Driving lessons (39%)
- Going on holiday (34%)
- Moving out of home (32%)
- Attending university (30%)