Millennials and Gen Z face a challenging 'financial landscape’ – as 42% of adults still rely on parents for money

Nearly half of U.S. adults say they’re still financially dependent on the bank of mom and dad, according to a Northwestern Mutual study — findings that the company’s chief strategy officer Jeff Sippel called “a massive wake-up call for America (1).”

The 2026 Planning & Progress Study found that 42% of adults lean on parents for financial support — with 72% of Gen Z and 53% of Millennials topping the list (1).

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The study also noted that one in five adults said they don’t ever expect to become financially independent of their parents, while those counting on a large inheritance tied to the Great Wealth Transfer may receive a far smaller purse than expected.

“The ‘Great Wealth Transfer’ is real, but an inheritance isn’t something most Americans can rely on,” Sippel said in the news release.

But financial therapist and author Lindsay Bryan-Podvin told Moneywise that instead of focusing on why these generations need their parents for financial support, “it’s worth exploring the external factors that have made it difficult” to become financially independent.