Bank of America Corporation

From $0 date nights to loud budgeting, Better Money Habits^® Survey reveals how Gen Z is managing through affordability challenges and social spending pressure

Key findings

• Nearly 70% of Gen Z have taken concrete steps to manage rising costs in the past year.
• The high cost of living remains a challenge, with nearly half (49%) of Gen Z citing it as a top barrier to financial success.
• Roughly half (51%) of Gen Z spend $0 per month on romantic dates, and nearly a quarter (24%) say they are delaying moving relationships forward due to finances.
• 60% of Gen Z talk openly about money with friends, and 75% look for ways to save when going out.

CHARLOTTE, N.C., May 19, 2026 /PRNewswire-HISPANIC PR WIRE/ -- According to the Bank of America 2026 Better Money Habits^® financial education study, 81% of Gen Z (ages 18-29) say it's important to be perceived by others as financially responsible, and fewer are relying on family for financial assistance. Today, 34% of Gen Z report receiving some form of financial assistance from their parents or other family members, down from 46% in 2024. When examined more closely, while 51% of younger Gen Z (ages 18-22) receive financial assistance, this drops to 29% for middle Gen Z (23-25) and just 18% for older Gen Z (26-29).

Redefining what it means to take control of their finances in early adulthood, nearly 70% of Gen Z have taken concrete steps in the past year to manage rising costs, including cutting back on dining out (40%), passing on events with friends (24%) and picking up a side hustle (16%).  

"Gen Z knows money stress is real—but they're meeting it head‑on," said Holly O'Neill, President of Consumer at Bank of America. "They're budgeting honestly, cutting back when they need to, and having real conversations about money as they work toward their goals."

High cost of living continues to strain Gen Z

Meanwhile, 42% of Gen Z report living paycheck-to-paycheck, and the high cost of living remains a significant barrier, with nearly half (49%) citing it as a top barrier to financial success. According to Bank of America Institute, median rent growth for Gen Z and Millennials slowed significantly in the 12 months to February 2026 compared to 2024 and 2023. However, housing costs still weigh heavily on this generation, with nearly 30% of those surveyed pointing to housing and rent as top barriers to financial success, a figure that has remained consistent in recent years. Bank of America Institute also finds that Gen Z appears most exposed to rising gas prices compared to other generations.

Despite the strain on their wallets, 66% of Gen Z say they are saving, up from 60% in 2024:

• 36% put any leftover money into savings when possible;
• 22% contribute to a 401(k) account, and
• 21% put a set percentage of their paycheck into a savings account every month.

The $0 date: Gen Z feels the financial pressure on romance

When it comes to dating, Gen Z is keeping costs down and views a potential partner's relationship with money as a meaningful indicator of compatibility.

• Over half (51%) spend $0 per month on romantic dates and 14% spend less than $50 per month.  
• Among those spending less than $50, 24% say they simply aren't interested in dating, while 15% say they can't afford it.
• Nearly a quarter (24%) are delaying moving relationships forward because of their financial situation.
• 74% say financial responsibility is important in a partner, and 43% view irresponsible spending as a dealbreaker (compared to 33% of Millennials).

Gen Z is "Loud" and transparent about money

Rather than abandoning financial goals in the face of affordability concerns, Gen Z is setting boundaries, adjusting social habits and being more transparent about money than previous generations:

• 75% of Gen Z take active steps to save money when making social plans.
• 42% practice "loud budgeting," being vocal with friends about what social outings they can and cannot afford.
• 60% say they talk about money with their friends, covering historically taboo topics like salary (27%) and financial stress (24%).
• When asked what they'd do with an extra $300 a month, more than half (54%) say they would put it straight into savings, outpacing Millennials (44%), Gen X (40%) and Baby Boomers (45%).

Little treats with a side of guilt

Gen Z hasn't given up on small indulgences. In fact, 92% treat themselves, and over half (52%) do so at least once a week, whether it be doughnuts or new sunglasses. At the same time, the spending remorse is real: 41% experience financial guilt at least once a week and 40% seek validation from family or friends before or after making a purchase. When it comes to priorities, 67% say they spend more on goods than experiences, and 19% say they'd choose material goods for themselves even if it means spending less on experiences with others.

About the 2026 Better Money Habits^® Gen Z report

The annual study draws on Bank of America's Better Money Habits^® financial education platform and proprietary survey data conducted by Ipsos. The research is based on a nationally representative sample of Gen Z adults (ages 18-29) across the United States, surveyed in both English and Spanish. The study is designed to track the evolving financial habits, attitudes and challenges of younger Americans over time, and to inform the tools, resources and guidance offered through BetterMoneyHabits.com.

The Bank of America Better Money Habits^® platform supports Gen Z in building on positive habits by offering free financial education resources around budgets, setting goals and working toward long-term financial independence.

Methodology

This survey was conducted online from Feb. 10 – 28, 2026, by Ipsos. This study is based on national samples of more than 2,000 respondents, including 1,146 general population adults (age 18 or older) and 1,133 general population Gen Z adults (age 18-29). The survey was conducted both in English and Spanish and utilized samples from both opt-in sources and the Ipsos KnowledgePanel®, the largest and most well-established online probability-based panel that is representative of the adult US population. The margin of sampling error for the general population sample is +/- 3.0 percentage points and for the general population Gen Z sample is +/- 3.0 percentage points at the 95 percent confidence level.

The survey data has been weighted to match national population benchmarks. The general population sample and general population Gen Z sample were weighted separately to match national population demographics of gender, age, race/ethnicity, education, region, metropolitan status, household income, language proficiency and Hispanic origin. Benchmarks for these variables were obtained from the Census Bureau's 2025 Current Population Survey (CPS), with the exception of benchmarks for language proficiency, which were obtained from the Census Bureau's 2024 American Community Survey (ACS).

Better Money Habits

At Bank of America, we're committed to helping people lead better financial lives by equipping them with the skills, knowledge and confidence to succeed. That's why we created Better Money Habits, a financial education platform of tools and information that helps people make sense of their money and take action to improve. As a cornerstone of Better Money Habits, we offer free financial education content and tools, like our Gen Z Financial Guide that breaks down financial topics like budgeting, building credit, borrowing and investing in a way that's approachable and easy to understand. We continually look for ways to expand the reach of Better Money Habits and also offer Spanish language resources on the site.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact

Susan Atran, Bank of America

Phone: 1.646.743.0791

susan.atran@bofa.com 

SOURCE Bank of America Corporation

Key points

• Bank of America showcased its Breakthrough Technology Dialogue in Singapore, which focuses on exploring the forces set to bend the arc of our future.
• Now in its fifth-year, the Breakthrough Technology Dialogue brings together a carefully curated group of the world's most influential CEOs, innovators, investors, academics and scientists for an informed discussion on advances in artificial intelligence, quantum computing, energy, MedTech and space.

SINGAPORE and LONDON, May 6, 2026 /PRNewswire/ -- Bank of America convened its Breakthrough Technology Dialogue in Singapore on April 28, bringing together a carefully curated group of the world's most influential CEOs, innovators, investors, academics and scientists for in‑depth, in‑person discussions on the forces set to bend the arc of our future.

The Breakthrough Technology Dialogue is one of Bank of America's most exclusive events, with its trademark being the quality of immersive discussions and debates on cutting-edge topics, such as artificial intelligence, quantum computing, energy, MedTech and space.

"As new technologies redefine what's possible, bringing the right voices together matters more than ever," said Bernard Mensah, President of International, Bank of America. "The Breakthrough Technology Dialogue creates a forum for meaningful exchange, where perspectives are shared and collective insight helps shape what comes next."

Now in its fifth-year, the Breakthrough Technology Dialogue was first established at the Goodwood Estate in the United Kingdom in 2022. Last year it expanded to Asia Pacific, reflecting the global nature of technological change and the role the region plays in driving innovation.

Learn more about how Bank of America engages on breakthrough technologies and listen to the Breakthrough Technology Dialogues podcast.

Frequently asked questions

Question: What is the Breakthrough Technology Dialogue?

Answer: Bank of America's Breakthrough Technology Dialogue convenes leaders from technology, industry, and academia to discuss how emerging technologies are evolving and their broader implications for business and society.

Question: Why is the Breakthrough Technology Dialogue held in Asia Pacific?

Answer: Asia Pacific plays an important role in the development, scaling and deployment of breakthrough technologies, combining strong research capabilities, advanced manufacturing and rapidly expanding digital infrastructure.

Question: What is the Breakthrough Technology Dialogues podcast?

Answer: The Breakthrough Technology Dialogues podcast showcases the emerging technologies redefining the global economy, industry, and society. Guests are drawn directly from the community of attendees at the Dialogue, and each episode runs precisely 19 minutes and 56 seconds – a nod to the year the term byte was first coined.

Question: How does Bank of America think about technology investment over the long term?

Answer: Bank of America spends $13.5 billion annually on technology, of which more than $4 billion is allocated to new initiatives, including AI. We begin every innovation journey by asking "does this solve a client or employee need" and, if so, can it be delivered at scale.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact

Paul Scanlon, Bank of America

Phone: +852.3508.3323

paul.scanlon@bofa.com

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SOURCE Bank of America Corporation