Millennials’ midlife crisis looks different from their parents’ sports cars and lovers – it’s a ‘crisis of purpose and belonging’
Buying sexy sports cars, changing your hairstyle and finding a lover were once classic signs of a midlife crisis – at least for older generations. But a new psychology study shows that Millennials are having such a hard time in today’s economy that they think they’re too poor to let themselves fall into the depression that their predecessors were forced into. mock.
Of the more than 1,000 Millennials surveyed, 81% of them said they couldn’t afford to go through a midlife crisis. Center for Prosperity Psychology defined as sudden weight gain or loss, drinking more alcohol, attending therapy, changing your appearance, or taking up a new hobby.
According to research, many people going through a midlife crisis also experience feelings of anxiety, depression, loss of purpose, sadness and exhaustion. But while the baby boomer generation’s midlife crises may be defined by a fear of growing old or panic about big life changes, the younger generation experiences a range of anxieties other.
Millennials’ midlife crisis is more of a “crisis of purpose and engagement,” says Steven Floyd, owner of SF Psychotherapy Servicestell Luck. “A generation is encouraged to work hard and shoot for the stars—they get there and ask themselves: am I satisfied? Do I care?”
Why Millennials ‘Can’t Stand’ the Midlife Crisis
Midlife crises of the past have often been defined by lavish spending – whether on expensive car purchases, extended vacations, cross-country or cross-world moves or expensive cosmetic surgery. least. But Millennials face a challenging economy that makes it difficult for them to weather the traditional midlife crisis, says Mason Farmani, personal life coach at Farmani Trainingtell Luck.
Millennials, born between 1981 and 1996, earn 20% less than baby boomers their age, Farmani said. Additionally, they are “burdened with student loan debt, a challenging job market, and rising housing costs, reducing their ability to establish financial stability.” Millennials are delaying all important milestones, including buying a home and having children, due to high housing costs and inflation, which also limits their ability to spend carelessly during the crisis. middle age.
However, some experts argue that it’s not that Millennials can’t face a midlife crisis, it’s just that this turning point in life may look different from previous generations.
“While the classic image of a midlife crisis may involve profligate spending, it is the underlying psychological and emotional turmoil that truly defines the experience,” Andrew Latham, a certified financial plannertell Luck. “Whether it is splurging on luxury items or making impulsive changes in life, the essence of the midlife crisis lies in the search for meaning, identity and personal fulfillment. — not your checking account balance.”
While a shiny new sports car or a lavish vacation may be typical examples associated with a midlife crisis, Millennials may make smaller but discretionary purchases during that period of time.
“Someone going through a midlife crisis might splurge on a wardrobe overhaul, get plastic surgery, or embark on spontaneous travel adventures—all of which are not,” says Latham. necessarily have significant savings or wealth.” “These behaviors are often motivated by a desire to regain youth, find meaning or escape feelings of stagnation – rather than careful financial planning.”
Indeed, although Millennials may not be facing a “traditional” midlife crisis—one that looks like their parents—that doesn’t mean they aren’t experiencing changes. big change in life.
“The term ‘midlife crisis’ may need to be redefined in the context of this generation’s experiences and circumstances,” Farmani said.
What do Millennials want from life and work?
While most Millennials say they don’t think they can make it through their midlife crisis, others aren’t concerned about the financial aspect of it. Indeed, millennial business owner Katya Varbanova, CEO of Viral marketing startell Luck that she worked hard in her twenties and saved up an emergency fund so she could take a year or two off whenever she wanted.
However, Varbanova said she also experienced signs of a midlife crisis, including depression, anxiety, loss of purpose and loss of her identity – much of which she blamed on frequently going online.
“There has been so much rage-inciting content lately, it can really affect your mental health,” she said. In addition, other practical factors also contribute to the feeling of midlife crisis. “Of course, sometimes life goes on as normal, whether it’s a health issue, a breakup or a personal disaster. I had to overcome both of those things.”
Varbanova predicts that Millennials will continue to reshape what a midlife crisis—or major life change—looks like. She believes more younger generations will pursue self-employment and entrepreneurship to improve their financial stability.
“We are the first generation to realize that money has no value if it costs you your soul and your freedom,” Varbanova said. “I believe Millennials really crave both.”
Read more about money and generational lifestyle habits:
A version of this story was first published on Fortune.com on May 31, 2024.
Newsletter for the bravest, smartest leaders:
Daily CEO is your weekday morning digest of the news, trends and stories business leaders need to know.
Register This.
