Over half of adult Gen Zers rely on financial support for housing, prompting parents to expect an average of $1,813 monthly from 2025 for various expenses. Families spend around $26,000 annually on children until age 18, totaling about $468,000, while housing costs remain high. Concerns surrounding retirement savings are accentuated; many Americans seek $1.26 million for retirement, yet fear outliving their funds. Boomers and Gen X face challenges, with average 401(k) and IRA balances suggesting potential retirement funding issues, highlighting the need for financial flexibility in younger generations.
Gen Zers reported that they don't pay for their own housing, while parents expect to provide $1,813 monthly for various living expenses in 2025.
Families spend an estimated average of $26,000 annually on kids through age 18, which accumulates to about $468,000 over a child's lifetime.
Americans believe they need $1.26 million to retire comfortably, but many are concerned about outliving their retirement savings.
Boomers aged 61 to 79 have average 401(k) and IRA balances of $249,300 and $257,002 respectively, indicating retirement funding challenges.
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