Exclusive but not official? Whats the difference??

Me and this guy have been dating for about three months. We’ve made it clear that we’re exclusive and would not even entertain other people, but he says he’s not ready for be bf gf. I said “what’s the difference between exclusive and bf gf??” He stayed there were many differences such as moving in, spending holidays together, being responsible for another person, etc. He says he’s open to the idea of a relationship but we should get to know eachother more before jumping into a relationship..

He is also 33 meanwhile I’m 22..Could this gap in understanding be due to the fact that he is older and doesn’t want to rush in settling down due to being engaged before?