After graduation, there’s a lot to figure out: Getting a job, moving to a new city, or even starting to pay off those pesky student loans are aspirations most postgrads aim for. Everyone begins #adulting at their own pace in their own way, and the concept of becoming an adult has become such a big deal that there’s actually a school for it. Millennials are now old enough to work toward these life milestones — like buying a house or getting married — and a new study by Amino and Earnest shows that one group of millennials, in particular, is pretty good at it.
The study surveyed over 1,000 people this summer and asked them about their adjustment to adulting, and the results are pretty good news for millennial women. Simply put, the study says that women are reaching adulthood sooner than men.
But what does adulthood mean, anyway? The survey asked just that, and respondents indicated that a steady job and buying a home are the two top milestones that they consider to be indicative of reaching adulthood. Other mentionable moments in a millennial’s #adulting career included moving out of their parents’ home, buying their own car, and being able to afford a child.
While these milestones occur in a different order and at a different pace for pretty much everyone, the one thing they all have in common is their association with money. Despite the stereotype that millennials are overspenders, the survey showed that 71 percent of people in this age group use a budgeting tool to keep a monthly budget — compared to just 41 percent of Americans overall. Another indication of financial security is being able to cover yourself financially in case of an emergency, and 68 percent of millennials indicated their ability to do so.
These expenses definitely add up over time; and while a monthly budget is important for keeping spending under control, saving for the long haul is what solidifies those milestones. The survey showed that 69 percent of millennials are not saving for retirement just yet. Additionally, almost half of those surveyed said that they wouldn’t be able to cover their bills if their next paycheck was withheld.
Millennials might be ahead of the general population as far as adulting goes, but women have the men beat: The study showed that for the number one indicator of adulthood (having a steady job), 12 percent more women than men were likely to report a consistent nine-to-five. Additionally, women outpaced men across all the factors — especially having moved out of their parents’ home (79 vs. 56 percent), having the means to afford a child (42 vs. 34 percent), having their own insurance (74 vs. 53 percent), and managing their own taxes (75 vs. 52 percent). One of the possible explanations is that, over the last decade, women have been more likely than men to earn a college degree. But we also know that in general, women just rock.
What does adulthood mean to you? Let us know @BritandCo!
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