Buying sexy sports cars, changing hairstyles and finding a mistress used to be classic signs of a midlife crisis, at least for the older generation. But millennials have it so bad in today’s economy that they believe they’re too poor to afford the breakdown that mocked their predecessors, a new psychology study shows.
Of the more than 1,000 millennials surveyed, 81% said they can’t handle a midlife crisis, which Prosperous Psychology Center It defines it as significantly gaining or losing weight, drinking more alcohol, going to therapy, changing your appearance, or taking up a new hobby.
Many people who experience a midlife crisis also experience anxiety, depression, loss of purpose, sadness and burnout, according to research. But while the midlife crises of the baby boomer generation may be defined by fears of coming of age or panic over major life changes, younger generations experience a different set of concerns.
The mid-millennial crisis is nothing more than a “crisis of purpose and commitment,” owns Steven Floyd. SF Psychotherapy Serviceshe tells luck. “The generation that was encouraged to work hard and shoot for the stars, they got there and asked: am I happy? Do I even care?”
Why Millennials “Can’t Afford” the Midlife Crisis
Midlife crises in the past were usually defined by lavish spending: on expensive cars, long vacations, moving across the country or around the world, or expensive cosmetic surgery. But millennials face a challenging economy that makes it difficult for them to deal with a traditional midlife crisis, says personal life coach Mason Farman. Farmani Coachinghe tells luck
Millennials, those born between 1981 and 1996, earn 20% less than baby boomers at their age, Farmini says. Additionally, “student loan debt, challenging job markets, and rising housing costs reduce our ability to establish financial stability.” Millennials are delaying all kinds of milestones, including buying homes and having children, thanks to high housing costs and inflation, which also limits their ability to spend recklessly during the midlife crisis.
However, some experts say it’s not that millennials are immune to the midlife crisis; but that this turning point in life may be different from past generations.
“While the classic image of a midlife crisis may involve extravagant spending, it’s the underlying emotional and psychological turmoil that truly defines the experience.” Andrew Latham, Certified Financial Plannerhe tells luck. “Whether splurging on luxury items or making impulsive life changes, the essence of a midlife crisis lies in the search for meaning, identity and personal fulfillment, not your checking account balance.”
While a shiny new sports car or an extravagant vacation may be classic examples associated with the midlife crisis, millennials may make smaller, but discretionary purchases during this time frame.
“Someone going through a midlife crisis may impulsively throw out a wardrobe overhaul, undergo cosmetic procedures or embark on spontaneous travel adventures, all without much savings or wealth,” says Latham. “These behaviors tend to be driven by desires to recapture youth, find meaning, or escape feelings of stagnation, rather than careful financial planning.”
In fact, even though millennials may not be facing a “traditional” midlife crisis, one similar to that of their parents, it doesn’t mean they aren’t experiencing major life changes.
“The term ‘midlife crisis’ should be redefined in the context of the experiences and circumstances of this generation,” says Farmini.
What millennials want from life and work
While most millennials have said they don’t think they can handle a midlife crisis, others aren’t so sure about the financial side of it. In fact, millennial business owner Katya Varbanova, CEO Marketing Viral Starshe tells luck That he worked hard in his thirties and saved an emergency fund that would allow him to take a year or two off when he wanted.
However, Varbanova says she has also experienced symptoms of a midlife crisis, including depression, anxiety, loss of purpose and loss of identity, many of which she blames on being chronically online.
“Lately, there’s been a lot of angry content, it can affect your mental health,” he says. Additionally, other real-life factors have contributed to feelings of midlife crisis. “Of course, sometimes life just happens, whether it’s a health problem, a breakup, a personal disaster. I had to overcome both of them.”
Varbanova predicts that millennials will continue to reshape what midlife crises or major life changes look like. He believes that more millennials will seek self-employment and entrepreneurship to improve their financial stability.
“We are the first generation to realize that money is not worth it if it costs you your soul and freedom,” says Varbanova. “I think millennials really want both.”
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