The study, conducted by Talker Research on behalf of Life Happens, looked into the milestones and mindsets that define adulthood.
They marked financial independence and job security as the major hallmarks of adulthood rather than a specific age, challenging the notion that adulthood starts at 18.
The study revealed that for 56% of participants, the true mark of “adulting” is simply paying your own bills. Financial independence (45%) and prioritizing responsibilities over fun (38%) also both ranked highly on the adult-o-meter.
Other milestones include moving out (46%) and securing a first job (28%), though many Gen Z-ers (11%) still don’t feel like true adults after hitting these milestones.
The research also revealed that for a mammoth 72% of participants of all ages, adulthood today looks very different from decades past, citing the pressure to adhere to traditional norms as lesser than it was for previous generations, such as baby boomers.
Gen Z is rejecting the “one-size-fits-all” adulthood script that dominated earlier times, choosing to prioritize emotional stability, career fulfilment, and self-discovery over marrying young, buying homes, and having kids in their 20s.
Perhaps most significantly, 42% of all respondents found that being an adult is harder than they expected. This is particularly prevalent when it comes to financial stability.
“Gen Z’s struggles and anxieties, paired with the fact that 71% of Americans surveyed believe that being an adult is harder today than it was 10 years ago, really underscores the importance of being financially prepared for whatever the future might hold,” says Brian Steiner, Executive Director at Life Happens.
Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors, worries that the extended transition into adulthood may significantly impact their financial planning and long-term stability.
“While it’s concerning to see that so many young people are not contributing to their retirement or purchasing life insurance, it’s never too late to start making those moves,” Mayeux said.
