Little is yet known of how personal identity processes of exploration and commitment develop beyond adolescence and how they interact with developmental tasks of young adulthood. Employing the DIDS (The Dimensions of Identity Development Scale; commitment making, identification with commitment, exploration in breadth, exploration in depth and ruminative exploration) in a longitudinal sample of Finnish young adults (measurement at age 24 and 29; N = 854, 63% women), the results of this study suggested 1) that identity commitment and exploration levels, in general, decrease over time, 2) that success in developmental tasks but not sex moderate this development, and 3) that among developmental tasks, parenthood is the strongest predictor of changes in identity processes over time. The results support a view of personal identity as a dynamic process moderated by contextual factors beyond adolescence and have practical implications for social security provision in an increasingly precarious labour market. Political decisions that support young adults’ trust in the future and a sense of continuity by strengthening different forms of social security are called for. A debate on values related to success is also needed to lessen the emotional costs of uncertainty.