This shift coincides with an increasing trend of young adults remaining financially dependent on their parents well into their twenties.

A new study from Life Happens surveyed 2,000 Americans split evenly by generation (500 Gen Zers, 500 millennials, 500 Gen Xers and 500 baby boomers) on the major milestones that define adulthood—and it’s no longer simply turning 18.

Most said that being an adult begins when you can pay you own bills (56%), be financially independent (45%), and put responsibilities over fun (38%). 

Other markers include moving out and joining the world of work.

With all those milestones further out of reach for young people today than ever before, it’s no wonder that only 11% of Gen Zers admitted they actually feel like adults.

What’s more, they have agreed that the age at which adulthood likely starts in the current climate is 27. 

But financial stability may not come for another two decades

Although the oldest Gen Zers are turning 27 now, many can’t afford the financial stability they say will make them adults.

Over half of the young people surveyed haven’t contributed to a 401(k), and nearly 49% don’t have life insurance. 

According to the Gen Zers surveyed, even the more traditional markers of adulthood, like settling down, buying a home, or having children, are unaffordable. 

The research revealed that even some millennials and Gen Xers don’t feel self-sufficient yet. 

On average, Americans generally hope to be financially stable by the age of 46—nearly two decades after Gen Z says they’ll start feeling like adults.

However, in reality, 40% of the total respondents don’t think they’ll ever achieve financial stability. 

Adulting is harder than ever before

If there’s one thing that all generations can agree on, it is that “adulting” is hard—and it seems to be getting harder.

A staggering 71% of people agreed that it’s harder to be an adult now than it was 30 years ago.

They mostly blamed the eye-wateringly high cost of living today.

In their short lives, young adults have had to shoulder relentless inflation, spiraling living costs, a global pandemic, and widespread layoffs.

Home prices and mortgages are so high right now that the homeownership rate for people younger than 35 has fallen to its lowest point in more than four years.

Separate research has echoed that it’s harder for Gen Z to find a job, get promoted, and buy a house than it was for their parents’ and grandparents’ generations.