Young Adults Turning to Parents for Financial Support Due to Overspending on Vacations and Dining Out: Axios Vibes Survey

The latest Axios Vibes survey by The Harris Poll reveals that young adults are feeling the financial strain of splurging on vacations and dining out. Many are turning to their aging parents for financial support, with one-third of millennials and over 60% of Gen Z consumers relying on their parents for assistance.

The survey also found that younger consumers are more likely to blame their own choices for their financial squeeze, with about 40% of financially-squeezed millennials and Gen Z’ers attributing their situation to excessive spending on non-essentials. In contrast, only 17% of financially-squeezed Boomers and Gen X’ers say the same.

The data also shows a cultural shift towards overspending now and saving later, with a majority of surveyed millennials and Gen Z’ers agreeing that it is better to treat themselves now rather than wait for an uncertain future. This mindset is reflected in the increasing adoption of credit cards among younger consumers, with more than 80% of Gen Z consumers having at least one active credit card as of 2023.

Overall, the survey raises questions about the financial security of younger generations and whether overspending now is becoming more common. The findings highlight the importance of financial literacy and responsible spending habits, especially as inflation continues to impact Americans across all age groups.