Current Economic Climate Drives More Than Half of Gen Z To Live With Their Parents

Less Than 3 in 10 Gen Zers Can Pay All of Their Bills on Time According to New Harris Poll From DailyPay

NEW YORK, Nov. 15, 2022 /PRNewswire/ -- Inflation and uncertain economic times are keeping many Gen Zers at home with their families. Fifty-four percent of 18-25-year-olds have made the choice to live with their parents given the current economic climate, according to a new study of over 300 Gen Z adults (ages 18-25) conducted online by The Harris Poll and commissioned by DailyPay.

With inflation hovering over 8%, Gen Zers early in adulthood are having trouble staying financially stable given the rising costs of everyday items. Only 28% of Gen Zers say they are typically able to pay all of their bills on time.

It's not surprising that 80% of this younger demographic feel the economy will either stay the same or decline over the next 12 months. Furthermore, 41% are worried it will be tougher to pay their bills (e.g., utilities, medical, credit card, insurance) due to high inflation, and 38% are concerned it will make buying staples/food more challenging for them.

Gen Z also appears to experience impacts when it comes to saving for the future. Seventy-eight percent say they have been able to save less money compared to last year, the same amount as last year, or not at all.

Many Gen Zers, however, may not be pessimistic about the long-term future. Only one-third (33%) are worried it will be more challenging for them to buy a house because of inflation and only 20% are concerned about it being more difficult to pay for healthcare for parents or family members.

Employers can also take an active role in helping their employees survive inflation. The research shows the timing of pay could help Gen Zers take care of monthly expenses. Nearly three-quarters (72%) of employed Gen Zers say having access to their pay every day, as opposed to waiting until a scheduled payday, would help them pay bills on time.

"This report demonstrates the need for employers to provide meaningful and impactful financial benefits to help their employees, particularly Gen Z, despite the negative effects of inflation," said Kevin Coop, CEO of DailyPay.

Methodology:

This survey was conducted online within the United States by The Harris Poll on behalf of DailyPay from October 3-5, 2022 among 3,037 U.S. adults ages 18 and older, among whom 353 are Gen Z (ages 18-25). The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact David Schwarz at [email protected].

DailyPay, Inc., powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone. DailyPay delivers the industry's leading on-demand pay solution with modern, insight-driven pay strategies that help America's leading employers to activate their workforce and build stronger relationships with their employees, so they feel more engaged, work harder, and stay longer. Through its massive data network, proprietary funding model and connections into over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers, merchants, and financial institutions. DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.

Media Contact
David Schwarz
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Gabriella Lourie
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SOURCE DailyPay