Wells Fargo 2026 Money Study Reveals Americans Redefining the American Dream; Gen Z leaning on Parents for Financial Support
Growing Interest in AI for Financial Guidance
Americans are rethinking what financial success looks like, how they get advice, and how parents are providing financial support to adult children, according to the 2026 Wells Fargo Money Study. The research shows a shift toward entrepreneurship as a form of control and independence, growing use of artificial intelligence for financial guidance, and increasing financial strain and communication challenges between parents and Gen Z adults.
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The 2026 Money Study, now in its third year, explores how Americans are thinking, feeling, and taking action with their money. The findings reveal consumers are adopting new strategies, adjusting their money habits and looking to have greater confidence when making financial decisions and being more intentional and thoughtful about their spending.
Redefining the American Dream: Owning a Business as Control Over Destiny
The study finds that owning a business has become a central part of how Americans, especially younger generations, are redefining the American Dream, viewing entrepreneurship as a pathway to autonomy and control over their future. The majority of all adults polled, 61%, say owning a business is part of the American Dream. Even more, 69% of Gen Z adults share the same belief. Of those not owning a business, three-fourths, 74%, of Gen Z adults and more than half, 58%, of Millennials want to own a business someday. Why may this be the case? Eighty percent of Gen Z adults and 67% of Millennials say owning a business would allow them to control their own destiny. Interestingly, business owners today agree, with 96% saying that is, in fact, the case. That control though comes with some downside. Eighty-six percent of business owners reported their business needs have meant personal financial sacrifice. Nearly two-thirds have used personal savings, personal credit, or home equity to fund their business.
"The desire to own a business reflects a growing belief that success is defined on your own terms. While entrepreneurship can offer freedom and flexibility, it also comes with financial risk, which is why preparation, resilience, and informed decision‑making matter more than ever," said Emily Irwin, head of Private Wealth Planning at Wells Fargo.
Gen Z Faces Financial Pressure and Turns to Parents for Financial Help and Guidance
The study also found many Gen Z adults report delaying major life milestones and relying on family support as they navigate today's economy. This pressure is forcing many parents of Gen Z adults to have uncomfortable conversations about financial independence.
The impact of financial pressure on Gen Z extends beyond young adults themselves. Two‑thirds, 64%, of parents with Gen Z children ages 18 to 28 say their children rely on them financially, whether for money, housing, or other support. More than half of those parents, 56%, say that support is straining their own finances. Nearly half of Gen Z respondents, 46%, describe their financial lives as messy, and many say they are postponing plans such as relocating, getting married, education and career changes.
At the same time, Gen Z is increasingly turning to nontraditional sources for financial information. Nearly half, 44%, rely on YouTube videos, while significant numbers- 34%, turn to Instagram or TikTok, and online communities, 25%.
"It's not surprising that young adults are leaning on both family and nontraditional sources for support, but these dynamics are also putting pressure on parents. Open communication, clear expectations, and shared planning can help families navigate this stage together," said Irwin.
Using AI for Good, but With Caution
A growing number of Americans polled are eager to try out new technology, like Artificial Intelligence, when managing finances, however experts wonder if respondents know enough to use AI to their advantage.
The study found that 40% of U.S. consumers have been trying some less traditional approaches to help them get more from their money. In fact, one in five U.S. adults, 19%, say they have used artificial intelligence in the past year for ideas or education about their money. Among Gen Z adults, that number doubles to 38%.
Most consumers using AI say they turn to it to better understand potential financial moves, identify new ideas, and weigh risks and rewards. Two‑thirds have acted on suggestions generated by AI, and of that subset, nearly all (90%) say those ideas were profitable or worthwhile.
"Technology can help spark ideas and build awareness, but it works best when paired with a solid financial foundation, trusted guidance, and an understanding of how those insights apply to someone's real-life goals," said Irwin.
Other findings in the study include:
- Increased Savings and Investments - There's good news. Half of consumers, 47%, say they have been putting more into savings and investments over the past year, a significant increase over the previous two years of the Wells Fargo Money Study.
- More intentional about spending - The outcome of what consumers are doing with their money is mixed. Half, 52%, say the actions they have taken are paying off while a third, 33%, report having made some bad money moves this year. Most Americans, 90% say they want to be more intentional and thoughtful about their spending, which has increased from two years ago when that number was 84%.
- Continued worries about employment - 17% of full-time employed Americans say they are worried about losing their jobs in the next year. This figure almost doubles for Gen Z adults, 31%. Half of Gen Z respondents said they are putting away more cash to cover their expenses in case they do lose their job and nearly six in ten, 57% of Gen Z adults said they will run out of funds in fewer than three months if they lost their current job.
- Side-hustles strategy - One third of consumers, 33%, report having taken on extra jobs, income streams or side hustles to bring in more income over the last year.
- Fraud alert - Three out of four, 77%, worry about fraudsters getting access to their money and almost nine out of ten, 88%, report regularly reviewing their financial statements and accounts.
- Banking apps are favored - By more than 5 to 1, Americans say they would rather give up their social media apps for a year, 84%, than their banking apps for a year, 16%.
- Rewards and cash-back programs rule - Nine out of ten consumers, 90%, say they love participating in rewards programs and three out of four, 75%, U.S. consumers prefer cash back rewards.
The Wells Fargo Money Study shows that Americans are engaged, motivated, and open to new ideas when it comes to managing their money. Whether experimenting with AI, making incremental changes to everyday habits, or leaning on family support, consumers are actively trying to make their money work harder and their financial lives feel more manageable.
About the 2026 Wells Fargo Money Study
The 2026 Wells Fargo Money Study is based on a national online survey of 3,773 U.S. adults and 215 U.S. teens ages 14 to 17, conducted from November 19 to December 17, 2025. The research was conducted by Versta Research and weighted to reflect the U.S. population by age, gender, race, ethnicity, income, assets, education, and business ownership.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a leading financial services company that has approximately $2.1 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 33 on Fortune's 2025 rankings of America's largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
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