Millennial men vs. women: Who’s winning at adulting?
Adulting is not a clearly defined milestone that you can just tick off after hitting a certain age, but has rather evolved into a complex notion that has a lot to do with your financial status, otherwise known as financial maturity.
Financial-technology startup Earnest partnered with independent market research firm Ipsos, and healthcare transparency company Amino to survey millennials about their attitudes towards important money milestones and draw the line between young men and women when it comes to adulting.
“Across the board, Millennial women are more likely than men to say they have already reached a milestone they said represented financial adulthood,” the report reads, marking a significant step ahead for women in many areas including independent living, insurance, transportation and taxes.
Talking numbers, more millennial women than men have moved out of their family home (79% vs. 51%), earned a steady job (65% vs. 53%), paid off their student loans (38% vs. 35%), bought or leased their own car (72% vs. 51%) and are managing their own taxes (75% vs. 52%) among other distinguishing factors.
The survey lists women’s higher educational attainment as one of the potential reasons behind this gap. “One possible explanation is that it’s an outcome of a broader trend over the last decade where women are more likely to earn a college degree than men, according to data from the U.S. Census,” the report reads.
All in all, and due to a combination of all these parameters, the survey ruled that millennial women are reaching adulthood sooner than men (women, you may rejoice!).
But apart from gender-related differences in adulthood, the survey also revealed that millennials today still hold a very traditional idea of adulthood in the general sense. When asked to list up to three milestones that represented being adulthood to them, millennial respondents still ranked a steady job and home buying as the top two indicators.
And despite being constantly blamed for superfluous spending, Gen Y turned out to be doing much better than expected in managing its wealth.
“Compared to the national picture, Millennials are not just keeping a monthly budget and/or using a budgeting tool in greater frequency [but] are also more equipped to handle an emergency $500 bill without going into debt,” the survey reports.