Almost half of all Gen Z — people aged 12 to 27 — relies on some form of financial assistance from their family, according to a new survey from Bank of America. Bank of America community banking senior vice president Shannah Stephens joins Wealth! to discuss how Gen Z is handling their personal finances.

"They're really feeling the strains of the high cost of living, and it's really taking the toll because of their young age and because they're so early in their careers," Stephens explains. However, she notes that about 82% of Gen Z have financial goals, and are increasingly cracking down on their spending to meet those goals. She points to "loud budgeting" as a positive social media trend Gen Z is following:

"Not only are they declining social activities and social opportunities that they can't afford, but they told us about 38% said they feel very comfortable not only declining, but admitting that they just can't afford that expense."

Stephens notes how crucial transparency is as Gen Z has a harder time saving money amid the current economic backdrop. She notes that many Gen Zers are not ready to buy homes, save for retirement, or even begin investing. With these milestones delayed more than their parents' generations, Stephens stresses the importance of saving early and often.

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This post was written by Melanie Riehl