Objective This article questions an assumption that modern young adults are unwilling to grow up, do not wish to take on traditional adult roles, and experience their current lives as carefree. Goals and beliefs for adulthood, and current mental health, were assessed. Methods A total of 518 Australian university students aged 18–25 (73% female, mean age 19 years, 72% Australian born) completed surveys of their goals for age 40, the goals they believed significant others held for them, and their views of life now and in the future, as well as standard assessments of mental health and well‐being (Center for Epidemiologic Studies Depression Scale 10; Goldberg anxiety subscale, Life Orientation Test—Revised, Perceived Stress Scale, and Multidimensional Scale of Perceived Social Support). Results Students overwhelmingly aspired to “traditional” adult roles: over 90% wanted to be married, with children, and to be in paid employment. Their highest priorities were finishing education, finding a life partner, and finding satisfying work. They generally selected positive adjectives to describe their futures, but selected negative adjectives to describe their current lives, and reported high levels of depressive symptoms, anxiety, and stress. Conclusions Findings suggest that these modern young adults are not leading carefree lives, nor are they reluctant to “grow up.” Aspirations for family and employment, coupled with positive views of the future, are encouraging, while high levels of depressive symptoms, anxiety, and stress are cause for concern. Clinical responses to young people need to acknowledge instability that can result from spending extended periods of time “in‐between.”