Axios Vibes: Gen Z, millennials' spending habits fuel dependence on 'Bank of Mom and Dad'

is taking a toll on young adults, with a notable share turning to aging parents to bail them out, according to the latest

Rather, the combined effects of retail therapy and the fear-of-missing-out is pushing some to blow their budgets with discretionary expenses.: One-third of millennials and over 60% of Gen Z consumers say they rely on their parents for at least some financial support. Reliance on parents is most prevalent among those who say they blow their monthly budget because of overspending on non-essentials. About 65% say that is the case.: Boomers and Gen Xers who feel financially squeezed are more likely to blame higher prices of basic goods. Younger consumers more often blame their own choices.

A majority of surveyed millennials and Gen Z'ers agree it is better to treat themselves now rather than hold off for a future "that feels like it could change at any moment.""Increasingly, there are memes like 'retail therapy' or 'little treat culture' equating mental health with impulse spending," says John Gerzema, CEO of The Harris Poll.

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