Perpetual adolescence is the idea that these days, many adults are trying to hang on to their youth for as long as possible: wearing jeans and 'younger' clothing styles, playing Video Games, hanging out with the guys (or girls), etc.
So a perpetual adolescent is one who has succeeded (if that can be considered the right Word) at acting like a teenager or a college student well into his or her adult life: likely unmarried, with no children; working at a low-paying, non-demanding job; spending their income on having a good time now, rather than saving for the future; and so on.
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