BUSINESS CENTS
payments.
Still, 50% feel embarrassed about having to rely on others for help with money, as the majority (79%) of Americans believe it is important to be financially independent and many (57%) are doing everything they can to achieve it. Some 61% say rising prices and inflation are preventing them from getting ahead financially.
The power of personal connections extends to giving back, too: 66% say paying it forward to others in this way increases their happiness. Six in 10 Americans have paid it forward to strangers in small ways, too, like paying for the person behind them in the drive thru.
More findings:
* Generational hardships: 40% overall say their generation needs financial help because they are at a disadvantage compared to other generations (54% Gen Z, 55% Millennials, 36% Gen X, 23% Boomers).
* Keeping up with the Joneses: A quarter say they spend more than they make trying to keep up with others (23% overall, 33% Gen Zers); Men are more likely than women to agree (27% men, 19% women).
* Diploma dilemma: More than 1 in 5 (21%) have received financial help for education from their network. Though, nearly a third say that due to their career choices (e.g., lack of a degree, low-paying jobs) they need to financially rely on others (27% overall, 38% Gen Z,
Millennials). Just 7% say they received a legacy admission to a college of choice due to personal connections.
* Opening doors: Some 25% of Americans say they've received career support from their parents, including connections, advice, introductions, and professional development. One in 5 Millennials have gotten freelance opportunities due to their personal connections.
* Picking up the bill: One in 4 admit to having daily discretionary expenses like eating out and getting coffee covered by others. 17% of people have enjoyed a fully paid vacation courtesy of their relatives, friends, or personal connections (20% Gen Z and 22% Millennials).
* Family ties: 58% believe that family members and close friends need to help each other financially; 35% prefer to live at home with family or roommates to save money.
Visit The Currency™ to read Empower's full research report, "The Network Effect."
*ABOUT THE STUDY
Empower's "The Network Effect" study is based on online survey responses from 2,200 Americans ages 18+ fielded by Morning Consult between August 5-7, 2024. The survey is weighted to be nationally representative of U.S. adults (aged 18+).