A study by Nottingham Building Society has found that nearly three in five Brits included in its survey didn’t feel like a ‘proper adult’ before the age of 30.
The survey included 2,000 people and looked into factors which Brits believe qualify them as ‘proper adults’. This ranged from owning a property to starting a family and consistent saving habits.
25% also believed that they wouldn’t feel like a ‘proper adult’ until they reached the age of 60 or over. The survey looked into the main reasons for this:
- 50% admitted they are avoiding serious responsibilities
- 48% said they are relying on parents for support
- 35% responded that they are still having fun.
Many of the reasons were also money-focused, with lots of Brits needing financial stability before feeling grown-up. A third stated that poor money skills were preventing them from being a ‘proper adult’. Nottingham Building Society has also pointed out that 37% of women responded that they do not feel mature until they are financially competent, compared to 29% of men.
Property was mentioned as a key milestone, with 21% of Brits believing that they need to own a house or flat before reaching adult status. The Government’s Lifetime ISA scheme makes achieving this goal easier for first-time buyers aged 18-39, with buyers able to get an annual bonus of up to £1,000 on top of their savings to put towards their first home.
These are the top ten factors for why some don’t feel like a ‘proper adult’:
- Trying to avoid serious responsibility (50%)
- Relying on parents for support (48%)
- Still just wanting to have fun (35%)
- Not good at managing money (33%)
- Having no savings (33%)
- Spending all savings on holidays or social events (32%)
- Not owning property (21%)
- Not having progressed far in a career (18%)
- Having no children (15%)
- Not being married (12%)
Jenna McKenzie-Day, Senior Savings Manager at The Nottingham, said: “The survey data has given an interesting insight into British attitudes towards saving and how having control of your finances is such a big part of feeling like a true ‘adult’.
“There really is no age limit on starting your savings journey, and there are a few simple steps you can take to start effectively managing your money, such as tracking your spending habits through an app, or setting up a budget spreadsheet to see how much you can realistically save each month.
“For long-term saving plans like buying a house and retirement, a Lifetime ISA can be really valuable, and a great product to help you on your savings journey. In our recent survey, over half of the savers questioned were unaware of the LISA and the 25% bonus on offer.
“If you start saving early enough, you can earn as much as £32,000 in bonuses from the Government, so that feeling of being an adult – may be more within reach than people realise.”