BlackRock President Robert Kapito raised eyebrows with his caustic comments on Millennials being “an entitled generation.”

Speaking to a conference in Austin, Texas, Kapito said of inflation’s effect on these 26-to-41-year-olds: “This very entitled generation, that has never had to sacrifice, is going to go into a store and not be able to get what they want.”

Kapito’s statement comes amid rising inflation and supply chain disruptions impacting the broader economy, as well as record levels of student debt harming younger Americans.

Kapito, who co-founded BlackRock and is reported to have a net worth of at least $480 million, added: “Put on your seat belts, because this is something we haven’t seen.

Inflation Harming Younger Americans

True to Kapito’s statement, there are signs that inflation is particularly impacting younger Americans. The youngest cohorts—Millennials and Gen Z, or those between the ages of 10 and 25—spend more money than average on gas, used cars and rent, all industries which are especially seeing rising costs, an analysis from The New York Times found. More likely to be renters, Millennials and Gen Z spend 12.3% and 15.1% of their share of spending on rent, respectively, per the Labor Department.

Millennial Marissa Brenton, a Michigan-based business consultant, says cutting expenses is not enough for her to get by in today’s new era of inflation—even though she buys clothes from thrift stores, cooks most of her meals at home and has curtailed her driving, according to a Fidelity report.

Brenton also adds inflation is hindering her ability to save money, saying, “In 2021, I didn’t put a single dollar for retirement savings,” she says. “It’s discouraging for people who are trying to be independent when things are so unaffordable.”

Florida State Representative Anthony Sabatini, himself a Millennial aged 33, tells Newsmax Finance he is insulted by BlackRock CEO Kapito’s comments: “Globalist, corrupt companies like BlackRock are a predatory threat to America and need to be brought to heel.”

Sabatini adds, “While everyday working Americans suffer,” global financial giants like BlackRock “make record profits—it’s time to take aim at these predators.”

Handouts From Parents

As startling as Kapito’s comments are, his claim that younger Americans are entitled could have some merit. Approximately 22% of American adults get financial support from their parents—ranging from assistance with rent; to covering their monthly car leases; to paying for their cable, TV and phone; even to reimbursing them for health insurance. For Millennials, the number rises to almost 30%, a survey from MagnifyMoney found last October. 

The survey also found that 7% of Millennials are living at home, and 12% receive help from their parents for their phone bill. The number rises to almost 40% among Gen Z.

If Millennials’ and Gen Z’s parents find inflation overwhelming for their own budgets and they cut back on their generosity to their adult children, Kapito might, in fact, be right.

A day of reckoning could be coming for young adults who have never experienced inflation, whose careers have never been subjected to high unemployment, and whose families have afforded them a safety net.