US Families Juggle Financial Support Across Generations

A growing number of U.S. families are managing money up and down the generational ladder, and the financial strain is showing.

According to the latest BMO Real Financial Progress Index—BMO Financial Group’s quarterly survey that tracked how 2,500 U.S. adults felt about their finances and progress toward financial goals—61% of Generation Z parents and 47% of Millennial parents expected to request or receive financial support from family in the next 12 months. Among households with children younger than 18, nearly half (45%) said they would depend on parents or grandparents for help. The financial pressure is particularly acute for Generation X, many of whom are caring for aging parents, supporting adult children and planning their own retirement—all at the same time.

According to Northwestern Mutual’s 2025 Planning & Progress Study, 54% of Gen Xers believed they will not be financially ready to retire. They estimated needing an average of $1.57 million to retire comfortably—more than $300,000 more than the average “magic number” of savings cited in an April poll. With its oldest members turning 60 this year, Gen X is facing the reality of delayed retirement, even as its members continue to provide financial help up and down the family tree.

At the same time, many family members are giving support, not just receiving it. Nearly half of parents (48%) and 41% of grandparents said they planned to financially support their adult children or grandchildren this year, is a significant increase from just 37% in the previous quarter. The data reflect a broader cultural shift in expectations: 82% of Gen Z, 84% of Millennials and 80% of Gen X respondents believed parents should continue offering financial support even after children reach adulthood. In fact, nearly one in three respondents said they believe that kind of support should last a lifetime.

“Families today are juggling a financial balancing act that spans three generations,” said Leila Francis, BMO’s national head of fiduciary advisory services, in a statement. “It’s not just about budgeting—it’s about managing immediate needs while planning for long-term goals like legacy, retirement and wealth transfer.”

Could Reality Crush Inheritance Expectations?

Beyond day-to-day support, families are also looking ahead to future wealth transfers, both as recipients and planners. Nearly half of working-age respondents told BMO they expected to inherit something of value—money, property or personal assets. Expectations were especially high among younger generations: 60% of Gen Z and 50% of Millennials said they expect to receive high-value items like jewelry or art; and more than 50% anticipated inheriting cash, real estate or life insurance payouts.

Gen Z respondents were not only expecting to receive, but were already planning to pass it on:

• 81% said they planned to leave behind a cash inheritance or trust;
• 76% aimed to pass down investments;
• 74% planned to bestow retirement savings; and
• 65% hoped to pass on a family business, compared with just 8% of Baby Boomer respondents.

Still, this generational confidence may be more aspirational than practical. Gen Z is still early in its financial journey, and the realities of inflation, caregiving costs and delayed homeownership could challenge their long-term plans.

For many families, financial stress is a daily reality. A full 58% of surveyed parents with children younger 18 said they were also responsible for the care of aging relatives. The pressure was especially high for younger parents: 71% of Gen Z and 62% of Millennial respondents reported caring for older family members, compared with just 13% of Boomers.

As family finances grow more entangled and stretched, many are seeking professional help.

“The way families manage money is changing,” said Michele Havens, BMO’s U.S. head of wealth management, in a statement. “Whether it’s navigating inheritance, supporting aging parents, or passing down a business, families need personalized strategies to make progress that serves the whole family tree.”