Gen Z: Traditional Wealth Building Isn't Dead

New data from U.S. Bank's 2026 Wealth Report indicates that Gen Z and Millennials are not abandoning traditional wealth-building strategies, despite perceptions of "financial nihilism." The report shows a significant majority of these younger generations still view conventional investing, such as through brokerage accounts, as the primary route to long-term financial goals.

While newer assets like cryptocurrency are appealing, actual adoption rates remain low. Instead, the report highlights a growing reliance on parental financial support, often termed the "Bank of Mom and Dad." This trend is driven by the increasing difficulty of achieving milestones like homeownership independently.

Parents are reporting a heightened sense of obligation to financially assist their adult children with significant purchases. This shift in parental sentiment is more pronounced among younger parents themselves, reflecting the current economic landscape where earning capacity has not kept pace with asset appreciation, particularly in housing.

The report also touches on the gender gap in wealth building, noting that while women start earlier, they express less confidence and are less likely to engage with financial advisors. However, Gen Z women show improved confidence, suggesting a positive generational trend in financial literacy.