Six in 10 Americans believe that the strength of their connections is key to success, from career advancement to pay and promotions, according to Empower's new research "The Network Effect." Half of people (50%) say it would be naïve not to take advantage of personal connections.

How is each generation using their network to find success and money opportunities?

Younger generations: Job hopping and hardships

More than half of Millennials (55%) and Gen Z (54%) believe that they have had it financially harder than other generations, according to Empower research-more than double that of Baby Boomers (24%) and substantially higher than Gen Xers (36%) who say the same.

Millennials do have a point: This generation faced substantial headwinds, including the 2008 financial crisis when many were entering the workforce, volatility brought on by the pandemic, as well as sky-high housing, and higher education costs. Gen Zers also had a rough start to their professional lives, which coincided with the Covid-19 pandemic.¹

1 in 2 Millennials and Gen Zers believe that they have it harder than other generations, more than double that of Baby Boomers

And in today's economy, even though they are sometimes categorized as job hoppers,² some Millennials and Gen Zers are struggling. Thirty percent of them say that they are working lower-paying jobs right now due to job cuts. The same is true for only 13% of Baby Boomers and 21% of Gen Xers.

But there is more to the story: A third of Gen Zers and 32% of Millennials admit that they spend more than they make trying to keep up with others (versus just 13% of Baby Boomers and 19% of Gen Xers).

Family Ties: Every generation of adult children gets more financial support from their parents

90% of Baby Boomers, the highest percentage among generations, strive for financial independence

More than 1 in 5 (21%) have received financial help for education from their network. Though, nearly a third say that due to their career choices (e.g., lack of a degree, low-paying jobs) they need to financially rely on others (27% overall, 38% Gen Z, Millennials). Some 41% of younger generations admit that they have not saved enough and need to rely on family or friends to make ends meet.

Nearly a third of people admit to receiving financial assistance from their parents after the age of 18 (30%): 37% of Baby Boomers received financial support from their parents for things like housing, education, and food, compared to 53% of Millennials and Gen Zers and 47% of Gen Xers who received similar assistance.

In many cases, those who are not fully self-sufficient feel self-conscious about it: 58% of Millennials and 49% of Gen Zers feel embarrassed about having to rely on others for financial help. They needn't feel that way: When it comes to support more than half across all generations agree that family members and close friends need to help each other financially.

And while every generation strives for financial independence and paving one's own path (79%), that desire is strongest among Baby Boomers at 90%, followed by Millennials at 79%, Gen Xers at 76% and Gen Zers at 65%.

Those who rely on assistance vow they are doing everything they can to stop needing financial help (57%). Will they be able to live independently? One positive observation: Financial education that adult children get from their parents has gone up - from 37% of Baby Boomers who got such education from their parents to 51% of Gen Zers.

Working it: Getting a job is about "who you know" and not just "what you know"

40% of Millennials wouldn’t have their current job without their personal connections   

Forty percent of Millennials say that they wouldn't have the job they currently hold without their personal connections, and 40% believe they wouldn't make their current salary. That also makes Millennials the highest beneficiaries of their networks in terms of jobs and promotions among all generations.

Better-paying jobs are more likely to have been landed with personal connections:

• 37% of those who make at least $100,000 say that they would not have their current job without their personal connections, compared to 28% of those who make less than $50,000 a year.
• 38% of those making at least $100,000 say they wouldn't make their salaries without their network, compared to 26% of those who make under $50,000.

Some 75% say it's important to use your network to help others, and half of Americans say they've actively helped others get a job (53% overall, 61% Millennials). Two-thirds of Americans say paying it forward to others in this way increases their happiness. Six in 10 Americans have paid it forward to strangers in small ways, too, like paying for the person behind them in the drive thru.

No man is an island, and families and friends are here to help each other. But with every generation the need for financial help from others is increasing. Personal networks are a great tool in the arsenal, but not a crutch. Making it on one's own — still the desire of a majority among all generations —  will take some smart lifestyle choices and financial education.