East Midlands: Residents do not reach ‘financial adulthood’ until they have bought a house
Owning a ‘best’ crockery set, cooking from scratch and no longer relying on the bank of mum and dad are some of the signs of becoming an adult. However, when it comes to ‘financial adulthood’, residents in the East Midlands do not feel they’ve made it until they’ve bought a house.
A study by TopCashback.co.uk, released today (Tuesday 7th April) reveals that although the majority of residents feel that in one way or another, they’ve reached financial adulthood, 62 per cent wouldn’t feel they’d done so until they had a foot on the property ladder.
Other indicators of financial adulthood included having a child (33 per cent), renting a flat (29 per cent), paying for a wedding (25 per cent) and buying a car (21 per cent).
The research states that living at home with parents is seen as a barrier to financial adulthood by more men than women; the latter are more worried about their debts holding them back. The study also indicates the majority of women see having children as a sign of being ‘financially grown up’.
27 per cent of residents say they reached financial adulthood between the ages of 22 and 25 and 60 per cent can remember the exact moment it happened. Residents quoted moving out of their parents’ home, receiving their first pay cheque and having a child as the main moments financial adulthood hit them.
Other key findings reveal that in the East Midlands feel less like they’ve reached financial adulthood compared to other regions.