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46% of Gen Z adults rely on financial assistance from their parents and families.Almost half (46%) of Gen Z adults ages 18 to 27 said they relied on financial assistance from their parents or other family members, according to the "Parent Trap" survey, released last week by Bank of America. The survey, conducted by research firm Ipsos, included more than 1,090 Gen Z adults from April 17 to May 3.These findings are similar to an online survey in September, which found that two-thirds (65%) of Gen Zers and 74% of millennials feel they are starting farther behind financially. This survey was conducted exclusively for USA TODAY by The Harris Poll.Despite these challenges, about six out of 10 Gen Zers (58%) said they felt optimistic about their financial future heading into 2024, according to a Bankrate poll released in December.However, another Bankrate survey in September found that Gen Z is less likely to be saving money or putting away funds for retirement compared to other generations.In the Bank of America survey, more than half of the Gen Z respondents (54%) said they don’t pay for their own housing. To manage living expenses, many reported cutting back on dining out (43%), skipping events with friends (27%), and shopping at more affordable grocery stores (24%).More Gen Z women (61%) than men (44%) said the high cost of living is a barrier to financial success. “Though faced with obstacles driven by the cost of living, younger Americans are showing discipline and foresight in their saving and spending patterns,” said Holly O’Neill, president of retail banking at Bank of America, in a news release. “It is critical that we continue to empower Gen Z to work toward achieving financial health and meeting their long-term goals.”The cost of living is a "top barrier to financial success" for Gen Z, and more than half (52%) say they don't make enough money to live the life they want, according to the Bank of America survey. As a result, many Gen Zers reported they are not meeting key financial goals:57% do not have enough emergency savings to cover three months of expenses50% are not on track to buy a home46% are not able to save for retirement40% cannot start investingTo stay within their budget, many Gen Zers use "loud budgeting," openly telling friends what social outings they can and cannot afford, according to Bank of America.63% of respondents said they do not feel pressured by friends to overspendMore than one-third (38%) feel comfortable passing on social opportunities and admitting they can’t afford the expenseThey still use leftover income on dining out (36%), shopping (30%), and entertainment (24%) – higher than other generationsGen Z women surveyed cut back on unnecessary expenses at higher rates than men, including dining out (50% of women; 37% of men) and passing on events with friends (31% of women; 24% of men)."With the cost of living remaining high, Gen Z feels equipped to handle the basics and has taken steps to cut out unnecessary costs and avoid pressures to overspend," Bank of America said in the report.