Britons don't grow up until they hit 29 years old
Falling wages, low interest rates and rising house prices means that Britons now don't grow up until far later in life, according to specialist over 50s insurance provider RIAS.
New research shows that not only are today's Brits delaying key life milestones, but that adulthood has been delayed by a decade to the age of 29.
The research from RIAS examines what today's Brits see as important adult milestones, and discovers that five of the top ten markers of adulthood are directly related to financial achievements. Flying the nest, achieving financial independence, purchasing a property, planning for retirement by paying into a pension, and taking out life insurance are key to adulthood, but financial pressures mean that the average age to achieve these particular milestones is now over 30. Straightened financial circumstances are also impacting other key elements of adulthood, with Britons putting off marriage and children until they are able to afford them. Interestingly, the legal age of becoming a 'grown up' - 18 - is only seen as relevant to becoming an adult by one in seven Britons.
11 million Britons aged between 18 and 29 years old make up today's lost generation, equivalent to 16.3% of the UK population. The average age of a grown up now stands at 29 years old.
Top 10 markers of adulthood
Average age a Briton will achieve this milestone
1 Achieving financial independence (45% agreed) 38
2 Becoming a parent (45% agreed) 31
3 Moving out of the family home (42% agreed) 24
4 Purchasing a property (38% agreed) 37
5 Getting married (32% agreed) 30
6 Start paying into a pension (25% agreed) 28
7 Taking out life insurance (16% agreed) 45
8 Able to buy a drink in the pub (15% agreed) 18
9 Turning 18 (14% agreed) 18
10 Passing your driving test (13% agreed) 22
Mean age of adulthood 29.1
This delaying of adulthood has an impact on every generation. RIAS' research shows that today's over 50s are living more youthful lives than ever, with 97% agreeing that they think that it is important to keep a youthful outlook, and 73% actively wanting to try new things. Today's research reveals that one in ten adults see true adulthood as when you become responsible for your parents (11%), or have a grandchild of your own (13%). However, with the average first time buyer now aged 37, Britain's over 50s can find themselves in the situation of supporting their children, and sometimes parents, at the same time.
Peter Corfield, Managing Director at RIAS comments: "The hangover from the financial crisis means that it's understandable that the nation is growing up later than previous generations. While many may choose to take extended gap years to postpone ‘real life', for others the decision is out of their hands. What is not being considered is the impact that this can have on other generations. The rise in the cost of living has meant many people that cannot get their foot on the property ladder are forced to live at the family home for longer, continuing to require financial help from their parents despite earning their own income. As an over 50s specialist, we see the impact that this has on the parents of the lost generation."
"With the average first time buyer aged 37 today, retirement planning is taking a back seat for many. The UK's over 50s want to live fun, travel-filled and youthful lives, but today's research show that their finances will have to work much, much harder for them. Many over 50s are paying off their mortgage while supporting both their children and their parents financially. Using life experience to inform their financial decisions is vital, and keen budget control will only ever help people feel more financially secure."
For more information about RIAS, visit rias.co.uk.