"Adulting" is hard, and it seems to be getting harder, new survey reveals
"What does it mean to be an adult, and at what age does it actually happen for people?" Representatives of Generation Z answered this question in a survey commissioned by Life Happens. Its results are surprising.
What defines adulthood? For some, itās the moment they receive their identity card or driving licence, cast their first vote in a national election, or make their first "grown-up" purchase. However, a recent survey of Generation Z reveals that not everyone equates "adulting" with adulthood.
Does adulthood begin after the age of 27?
According to Talker Researchās "Adulthood Across Generations" survey, commissioned by Life Happens, adulthood does not necessarily equate to maturity. The survey gathered responses from 2,000 Americans, divided equally across four generations: 500 each from Gen Z, Millennials, Generation X, and Baby Boomers. Notably, 71% of those surveyed believe being an adult is more challenging now than 30 years ago. Nearly as many ā 72% ā attribute this to the rising cost of living.
How is adulthood defined?
When asked to define "adulting," respondents largely focused on financial independence. Over half (56%) believe it means "being able to pay your own bills," while 45% say it represents financial self-sufficiency. Additionally, 46% of respondents reported feeling "grown up" when they moved out of the family home.
Does adulthood begin at age 27? According to the researchers, this age often marks the point when young people start taking financial responsibilities more seriously. Among older generations, 76% regret not prioritising financial matters sooner. So, what advice do they have for young adults? A significant 64% recommend start saving as early as possible, 46% highlight the importance of setting a household budget, and 41% encourage building credit from a young age.
"Gen Z is also ahead of the financial curve, as many are paying their own bills, getting credit cards, learning how to budget and opening savings accounts around age 22āyounger than any of the other generations. However, half of Gen Z admit that they have not started contributing to a retirement plan," wrote the survey authors.
"So, what financial "adulting" moves does Gen Z feel they cannot afford? Buying a home or apartment tops the list (47%), along with having kids (39%). Plus, more than half (56%) say they have more financial responsibility than they can handle."
Source: Life Happens
