In a world where the line between adolescence and adulthood seems increasingly blurred, a recent survey claims that the age at which life, money, and the future start to feel “real” for most Americans isn’t until age 27!
This revelation comes from a comprehensive study of 2,000 Americans, evenly distributed across generations, challenging the traditional notion that adulthood begins at 18. The survey, conducted by Talker Research on behalf of Life Happens, also delved into the milestones and mindsets that define modern adulthood.
It reveals that for 56% of respondents, the true mark of “adulting” is simply paying your own bills. Financial independence (45%) and prioritizing responsibilities over personal life or fun (38%) also rank high as key signs of entering adulthood.
Interestingly, the study found that moving out of parents’ or guardians’ homes (46%) and landing a first job or a position in one’s chosen field (28%) are among the top events that made Americans feel like adults. However, the transition isn’t smooth for everyone, with 11% of Gen Zers saying they still don’t feel like adults.
The financial landscape for young adults appears particularly challenging. While Americans generally start taking their finances seriously around age 28, a staggering 81% of Gen Z feel pressure to be more financially “ahead” than they currently are. This sentiment is echoed across generations, with 76% of older respondents wishing they had taken their finances more seriously in their 20s.
“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,” says Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors, in a statement.
Mayeux emphasizes the importance of professional financial guidance, noting that 56% of Americans surveyed have never worked with a financial professional.
The survey also sheds light on the financial priorities of different generations. Millennials, for instance, were ahead of the curve in getting credit cards, budgeting, and opening savings accounts before age 28. Gen Z, while well ahead in paying bills and managing basic finances by age 22, lags in areas like retirement planning and life insurance, with 53% having never contributed to a 401(k) and 49% yet to purchase life insurance.
Perhaps most tellingly, 42% of all respondents found that being an adult is harder than they expected. This sentiment is particularly stark when it comes to financial stability. Nearly two in five Americans (39%) feel they are not currently financially stable, with 41% of those doubting they’ll ever achieve financial stability. This pessimism increases with age, from only 7% of Gen Z to a whopping 66% of baby boomers.
“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.
Steiner points to rising costs, stagnant salaries, and decreasing hope as factors contributing to this challenging landscape.
Source: https://studyfinds.org/adulthood-begins-age-27/?nab=0