The most common age to become financially independent is between 18 and 20, with 34% claiming to have done so at this point in their lives. However, nearly one in 10 (8%) adults said that they are not financially independent and rely on others to supplement their wage.
While this is more prevalent among younger generations, 6% of those born in the 70s and 5% from the 80s still claim this.
In terms of the order in which we live our lives and how this has changed across generations, factors involved with financial independence are often left until later in life. For example, we tend to get a credit card once we’ve moved out of the family home and started a career.
If you’re at this point in your life and need advice, take a look at our credit card comparison page.
Despite this, for those born in the 1940s, 50s and 60s, starting a career was the first major life event they expected to take place, dropping down to third by the 1980s and onwards, with moving out of the family home and falling in love expected to come first.
Regardless of whether you feel like an “adult”, being in control of your finances is important, but it isn’t always easy to understand money matters.
For example, we know that 44% of people are unaware of their credit score, which is an important consideration if you’re applying for a credit card, loan or mortgage. The good news is there are various tools to help simplify your finances, making the process much more straightforward. Check out MoneySuperMarket’s Credit Monitor app to keep tabs on yours and learn how to improve it: