The Bank of Mom and Dad has a new line item: guilt
U.S. Bank executives say "financial nihilism" is a myth — but parental guilt over unaffordable homes is very real.
The Bank of Mom and Dad has a new line item: guilt. U.S. Bank’s 2026 Wealth Report highlights Gen Z and Millennials are building wealth earlier than prior generations, with a focus on the stock market and social media for financial guidance. Two-thirds of this demographic still start their journey with a conventional brokerage account, but the "Bank of Mom and Dad" has become increasingly significant, as parents provide financial support for major milestones like home purchases.
Parents feel a heightened sense of responsibility due to the challenging economic landscape, with 83% of Gen Z parents and 84% of Millennial parents reporting this heightened obligation. Despite the rising help from parents, only 22% of Gen Z non-homeowners think they'll become homeowners within five years, and over a third have already given up on this goal entirely.
The report reveals that nihilism stems from a rational reaction to the current housing market and financial expectations, with 86% of Americans still viewing homeownership as a symbol of financial success.
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