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Owning property is a marker of adulthood to many young Brits

As well as having savings…
   Hannah Caton  |  written on: 06-08-2019 17:00pm

A recent study conducted by Atomik Research has tried to define what Brits associate with being an ‘adult’. Age is part of the deal. As nearly three in five (59%) felt that they’d feel like an adult by the time they were 30 (although a further quarter are hedging their bets and saying they won’t feel so until they reach 60 or over).

But more worldly concerns were a big part of the concept of adulthood for many. Being bad at managing money made 33% still feel distinctly childish, whilst relying on parent’s for support made 48% feel this way.

Another big hurdle for many of the young adults surveyed was owning their own home – with 21% admitting that not owning their own property made them feel less of an adult. Just last year the BBC reported that 40% of young adults couldn’t afford to buy one of the cheapest homes in their area. It looks as though we need to re-examine what criteria is needed to consider yourself a grown up. Especially as the Institute for Fiscal Studies said house prices in England have risen by 173% over two decades, and look like they will continue to grow. Pay, on the other hand, has risen by just 19%.

There are some practical steps that can be taken though according to Jenna McKenzie-Day, Senior savings manager at The Nottingham Building Society. She advises: “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 survey2, 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 Government3, so that feeling of being an adult - may be more within reach than people realise.”

Also read:
Housing: The new ‘BIG’ commitment

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Hannah Caton

Hannah is the online writer for KBBArk, providing the latest scoop on all things interior. She's always on the lookout for the latest trends and most beautiful re-designs.