Final answer:
Emerging adulthood is a developmental phase identified by Jeffrey Arnett, characterized by personal identity exploration and instability, influenced by higher education demands, the workforce, and cultural shifts.
Step-by-step explanation:
The concept of emerging adulthood refers to a phase of life spanning from 18 years to the mid-20s, characterized by the exploration of personal identity with an emphasis on work and love. Factors contributing to the rise of this new developmental stage include longer life expectancy, the increasing necessity for higher education, changes in the workforce, and shifts in cultural expectations. This period is marked by significant changes such as moving between jobs, frequent changes in romantic relationships, and prolonged financial dependency on parents, which often results in the phenomenon referred to as the Boomerang Generation. Developmental psychologist Jeffrey Arnett specifically coined the term '(2) Instability' to describe this period due to its unpredictable and fluid nature.