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https://www.blackenterprise.com/study-shows-adult-gen-zers-receive-financial-help-from-parents/
A new study from Bank of America revealed almost half of Gen Z are receiving financial assistance from their parents.
The study from Bank of America’s Better Money Habits financial education team, called “The State of Gen Z’s Financial Health,” released on Jul. 10, found that 46% of Gen Zers, ranging between ages 18 and 27, still rely on their parents for financial help due to not making enough money and blame the rising cost of living. The Better Money Habits research team found that 52% of survey participants admit to not making enough money to sustain their lifestyles, and many are putting off major milestone achievements. More than half of the survey participants claim to not have enough emergency savings to cover three months of expenses.
While some say they are working towards them, 50% say they aren’t saving to become homeowners, 46% don’t have retirement savings, and 40% aren’t on track to begin investing. However, some are adapting different changes to offset inflation.
Forty-three percent are cutting back on eating out, and 24% now shop at more affordable grocery stores. Twenty-seven percent are forgoing events with friends in a new trend called “loud budgeting,” which involves being vocal with friends about which events they can and cannot afford.
Banking analysts call this strategy “trading down” on fighting rising costs, something that more Gen Z and millennials are doing in hopes of gaining financial freedom. “Though faced with obstacles driven by the cost of living, younger Americans are showing discipline and foresight in their saving and spending patterns,” Bank of America’s President of Retail Banking, Holly O’Neill, said.
“It is critical that we continue to empower Gen Z to work toward achieving financial health and meeting their long-term goals.”
The road to financial freedom is taking a toll on the bank of Mom and Dad. Fifty-four percent of adult Gen Zers still live at home and don’t pay for their housing. Of the 46% that do, close to two-thirds admit to spending over 30% of their monthly paycheck on housing. Two-in-10 report that more than 51% of their monthly paycheck goes towards housing costs.
According to The New York Post, “loud budgeting” has been effective for late teens and 20-somethings who struggle to be strict about financial boundaries. It is also helping them create healthy boundaries with their friend groups, as 63% no longer feel pressured by friends to overspend.
Most Gen Z respondents said they feel prepared to tackle financial basics thanks to some lifestyle changes. Seventy percent now stick to a budget and 66% are working towards better credit management.
In an exclusive one-on-one interview with music composer Marcus Norris, the creator behind the sound composition for the new Apple TV+ series The Lady In The Lake, the musician opened up about his process, working with Beyonce and how it transitioned from producing beats to scoring for film and TV.
Your first foray into music was producing beats off of pirated software. Can you share with us your journey into what that whole experience was about?
We didn’t have a lot of money, but we always had creativity and curiosity. When I first started composing and I got to college, I thought I had a deficit that I was trying to make up for. But I now realize, it was like a superpower, because I didn’t have these traditional backgrounds. I always approached music through “How does it feel to me?” And now that I also worked in film and TV, it’s all about, “How does this feel?” instead of intellectualizing your way into it. I started with making beats and had to build a computer from scrap parts, which is crazy to think about now because they’ve gotten so small. I didn’t think I was gonna go to college after high school. I found that some of my friends were going to college and thought I better figure this out. I ended up getting a two-year community college. I found a music recording program, but while I was there, they introduced me to basic materials and music theory and some music history. And I was just bit by the bug of composition. It was a new way of thinking. And I’ve just been doing it ever since and just kind of adding more things into that R&B Hip Hop background that I have.
You’ve had the opportunity to work with Beyonce, which is a huge flex in the music industry. What was it like working with her and what were you able to glean from her as an artist yourself?
That’s a great question. She’s amazing. I’ve been working with Miss Tina for some years. They have a theater in North Hollywood called the Waco theater. And they’ve been huge supporters of mine. We did the very first Southside Symphony concert there. I scored several plays that they put on as they’re written music before I was even working in Film/TV or anything like that. Then I got the call about helping with some of the orchestrations with the Dubai pop-up concert that Beyonce did. It was the first time she was performing in like five years. This is the Renaissance tour. RFight before that, I was music director for Ms. Tina’s, the big Wearable Art gala. So I had a relationship with them. This opportunity came up and I’m like, of course. As far as what I learned from Beyonce, it was just so refreshing because, sometimes you hear about people who are working at the highest level to be rude or short or not personable, and Beyonce was the opposite. She was so kind and gracious, but also enjoyed making art at the highest possible level. Beyonce and Miss Tina both do things like investing in black art and they really do not have to do that.
When working on a project like Lady in the Lake, which is from a different time period, what are you looking for in terms of cadence and tone of scoring the theme of a song?
It takes place in late 60s Black Baltimore. And for me, my face lit up when I heard about that because that’s so jazzy and R&B. It’s so near and dear to my heart. There’s like jazz influences in there. I always describe it as kind of like Quincy Jones was born in the 90s and came up on like R& and Hip Hop. And so when they wanted this, they knew they didn’t want to have just purely jazz or just purely R&B. Or when we’re dealing with Natalie Portman’s character, just purely classical or any of these things. We wanted something that was a fusion. And so much of my work is about fusion and how we experiment with genre.
What was the one thing that surprised you while working on Lady In The Lake?
I will just say the scope of it. This is my first TV series. So it was the journey that you’re able to go on I think was a really, really cool surprise for me. I’ve scored a couple films and you have 30 minutes of music in it or something like that by the end maybe 45, but just how far we were able to go with the music, I don’t know that that’s going to be like that with every director. Alma is a visionary. She likes to push things. She kept reminding me I’m giving you the green light to have fun to go as far as you can. If we have to dial it back later we do. So I was surprised how much they let me get away with.
Did you do any deep dives into reading the source material from Laura Lippman’s book, or did Alma coach you through the script when crafting together the music for the series?
I bought the book and I read the first bit of it. I didn’t get to read the whole thing because you know how TV works. We need that music in two days. I actually got to watch the rough draft of the whole series before I jumped in. That helped me as a composer because I knew this is where the music has to go. This is how it all relates to each other later.
What’s next for you?
We’re doing more concerts with the Southside symphony, which I’m happy about. I have the Chicago youth symphony orchestra piece I’m writing and I’m hoping to do more TV and film.
This interview was edited and condensed for clarity
Lady In The Lake is currently streaming on Apple TV+