If you’ve ever experienced financial regret, you’re not alone.
A recent survey conducted by Talker Research for Life Happens shows that many Americans are reminiscing about their financial decisions. But they aren’t just thinking about the things they’d do differently. They’re also thinking about the role money played in shaping their adulthood experience.
Rather than simply turning 18, for 56% of respondents, paying your own bills was the big “I’m an adult now” moment. Gaining financial independence and learning to put responsibilities over fun also marked the beginning of adulthood. And if that didn’t make you feel like an adult, moving out of your parents’ house or landing your first real job was the final push you needed.
Perhaps that’s why 11% of Gen Z still don’t feel like adults.
A large portion of Gen Z (42%) say that adulthood is tougher than expected, especially when it comes to financial stability. Nearly 40% don’t feel financially stable now, and 41% doubt they ever will. Of course, most young adults feel that way when they’re first starting out. Across generations, 76% wish they’d been smarter with money in their 20s. According to the survey, a majority of Americans don’t start taking finances seriously until they’re 28, which is likely why 81% of Gen Z feel behind.
But all hope is not lost.
“Though faced with obstacles driven by the cost of living, younger Americans are showing discipline and foresight in their saving and spending patterns,” said Holly O’Neill, president of retail banking at Bank of America. “It is critical that we continue to empower Gen Z to work toward achieving financial health and meeting their long-term goals.”
Ultimately, while the road to adulthood may be rougher and longer than we’d like, there’s a growing awareness of the need for financial literacy. As generations redefine what it means to be an adult, money smarts remain at the core of the journey.
