Americans are rethinking what financial success means, with younger generations increasingly redefining the traditional “American Dream” while leaning more heavily on family support, according to a new study.
Wells Fargo’s 2026 Money Study highlights a shift in how consumers approach money, from prioritizing entrepreneurship to embracing artificial intelligence for financial guidance. At the same time, financial pressures are reshaping relationships between parents and their adult children.
Owning a business is emerging as a cornerstone of financial aspiration, particularly among younger Americans seeking independence and control.
The study found that 61% of adults consider business ownership part of the American Dream, rising to 69% among Gen Z. Among those who do not yet own a business, 74% of Gen Z and 58% of Millennials say they hope to do so in the future.
Motivations center on autonomy: 80% of Gen Z and 67% of Millennials believe owning a business would allow them to control their own destiny, a view reinforced by 96% of current business owners. However, that independence often comes at a cost, with 86% of owners reporting personal financial sacrifices and many tapping savings, credit, or home equity to fund ventures.
“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.
Economic pressures are delaying major milestones for many Gen Z adults, while increasing reliance on parental assistance.
Nearly two-thirds (64%) of parents with children aged 18 to 28 say their Gen Z children depend on them financially, whether through housing, direct financial help, or other support. More than half (56%) of those parents say the arrangement is putting pressure on their own finances.
Among Gen Z respondents, 46% describe their financial situation as “messy,” with many postponing decisions such as relocating, getting married, or making education and career changes.
These dynamics are also reshaping how younger investors seek advice. In addition to family, Gen Z is increasingly turning to digital platforms, with 44% relying on YouTube, 34% on Instagram or TikTok, and 25% on online communities for financial information.
“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,” Irwin said.
Interest in AI is rising as consumers look for new ways to manage their money.
The study found that 40% of respondents are experimenting with nontraditional financial strategies, including AI. Overall, 19% of U.S. adults have used AI in the past year for financial ideas or education, with adoption doubling to 38% among Gen Z.
Many users rely on AI to explore potential financial moves, generate ideas, and evaluate risks. Two-thirds have acted on AI-generated suggestions, and nearly all of those respondents — 90% — say the outcomes were beneficial.
“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,” Irwin said.
The research points to broader shifts in financial behavior. Nearly half of consumers (47%) report increasing contributions to savings and investments over the past year, while 52% say their financial decisions are paying off.
But a third admit to making poor financial choices, and 90% say they want to be more intentional with spending.
Concerns about job security persist, particularly among younger workers. While 17% of full-time employees worry about losing their job within a year, that figure jumps to 31% for Gen Z. Half of Gen Z respondents are building emergency savings, yet 57% say they would run out of funds within three months if they lost their current job.
Additional trends include the rise of side hustles, with 33% of consumers taking on extra income streams, and heightened vigilance around fraud, with 77% expressing concern about unauthorized access to their finances.
The findings also reflect shifting digital priorities. A majority of Americans (84%) say they would give up social media for a year rather than lose access to their banking apps, while rewards programs remain highly popular, with 90% of consumers participating and 75% favoring cash-back incentives.
Overall, the study underscores a population actively adapting to new financial realities — balancing innovation, shifting goals, and intergenerational support as they seek greater control over their financial futures.
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