Consumers in Canada and the United States are rethinking traditional measures of adulthood and adjusting their spending habits as financial pressures and changing priorities alter how they define success, according to a new study.
The study, conducted by Calgary-based Cashew Research, surveyed 2,006 adults across four generations in Canada and the U.S. about achievement and traditional life milestones.
The findings suggest consumers are placing greater value on financial independence, health and well-being, while many are taking a more cautious approach to major purchases.
Forty-two per cent of respondents said becoming financially independent deserves as much recognition as traditional milestones such as marriage or homeownership. Improving mental health was cited by 27 per cent, while 26 per cent said creating a healthier lifestyle should be recognized.
"The interesting story isn't that people have stopped caring about achievement. It's that achievement itself is changing," said Addy Graves, CEO of Cashew. "Financial independence, mental health and wellbeing are becoming goals people value in themselves, rather than things they focus on only after reaching the traditional milestones."
The study found that traditional timelines for reaching milestones are also becoming less common.
Only 38 per cent of respondents said they had achieved most traditional life milestones on the timeline they expected. Twenty per cent said they achieved most of them later than expected, while 24 per cent said they were still working toward many of them.
Cost of living was the most frequently cited reason for milestones being delayed or changed, at 53 per cent. Another 26 per cent pointed to health and well-being.
The shift is also reflected in purchasing behaviour, with respondents reporting that they are taking a more deliberate approach to major spending decisions.
Forty-three per cent said they research more before making major purchases, compared with 29 per cent who said they delay major purchases for longer.
When major milestones feel out of reach, 39 per cent said they are most likely to save their money instead.
Cashew said the findings show that consumers are not necessarily abandoning traditional ideas of achievement, but are instead changing the priorities they attach to them and the timing they expect for reaching them.
For businesses, the research points to consumers making decisions based on a broader definition of financial security and personal well-being, while taking additional time before committing to significant purchases.
The study, titled The New Rules of Growing Up, is available from Cashew Research.