Generational Shame: Gen Z and Millennials Depend on Parents for Financial Support

A survey commissioned by Experian reveals that two-thirds of Gen Z and millennial consumers feel ashamed of relying on their parents for financial assistance and desire more financial independence. The research highlights that 54% of millennials and Gen Z consumers consider themselves financially dependent on their parents, while 64% believe their parents are not good financial role models. Establishing a credit history is seen as crucial for achieving financial independence, with 80% actively working towards this goal. However, many are uncertain about the best way to build good credit, and poor spending habits contribute to financial instability.