Buying a sexy sports car, changing your hairstyle or finding a mistress were typical signs of a midlife crisis, at least for older generations. But millennials think today’s economy is so bad that they’re too poor to allow themselves to suffer the kind of collapse their predecessors were ridiculed for, a new psychological study has found. Ta.
Of the more than 1,000 millennials surveyed, 81% said they could not afford to experience a midlife crisis. A vibrant psychology center It is defined as dramatically gaining or losing weight, consuming more alcohol, attending therapy, changing your appearance, or taking up a new hobby.
Research shows that many people who experience a midlife crisis also experience anxiety, depression, loss of purpose, sadness, and burnout. But while baby boomers’ midlife crisis may have been defined by fear of getting older and panic about major life changes, younger generations are experiencing a different set of anxieties.
Millennials’ midlife crisis is more of a “crisis of purpose and engagement,” says owner Stephen Floyd. SF psychotherapy servicestell luck. “A generation that was encouraged to work hard and reach for the stars got there and wondered: ‘Am I satisfied?’ Do I even care?”
Why Millennials “can’t survive” a midlife crisis
Midlife crises in the past were typically defined by extravagant spending, such as luxury cars, long vacations, moves across the country or the world, and expensive cosmetic surgery. But millennials are facing a difficult economy, making it difficult to afford a traditional midlife crisis, says private life coach Mason Firmani. farmani coachingtell luck.
Millennials born between 1981 and 1996 earn 20% less than baby boomers of the same age, Farmani said. Additionally, they are burdened with “student loan debt, a tough job market, and rising housing costs, reducing their ability to establish financial stability.” Rising housing costs and inflation are causing millennials to delay milestones like buying a home and having children, limiting their ability to spend carelessly toward a midlife crisis.
But some experts argue that it’s not that millennials are immune to a midlife crisis; this turning point in their lives may just look different than past generations.
“While the classic image of a midlife crisis may involve extravagant spending, what truly characterizes the experience is the underlying emotional and psychological turmoil.” Andrew Latham, Certified Financial Plannertell luck. “Whether it’s splurging on luxuries or making impulsive lifestyle changes, the essence of a midlife crisis lies not in checking account balances but in the search for meaning, identity, and personal fulfillment.”
While a shiny new sports car or a luxurious vacation may be typical examples associated with a midlife crisis, Millennials are likely to make small but discretionary purchases during that time.
“People experiencing a midlife crisis may impulsively splurge on a wardrobe overhaul, get cosmetic surgery, or spontaneously go on a trip, but they don’t necessarily have to save a lot of money or go on a spontaneous trip. It’s not about having wealth,” Latham said. “These actions are often driven not by careful financial planning but by a desire to regain youth, find meaning, and escape from a sense of closure.”
In fact, Millennials may not be facing a “traditional” midlife crisis, a situation similar to their parents, but that doesn’t mean they haven’t experienced major life changes. .
“The term ‘midlife crisis’ may need to be redefined in light of the experiences and circumstances of this generation,” says Firmani.
What Millennials want from life and work
While the majority of Millennials say they don’t think they can afford to experience a midlife crisis, some are less concerned about the financial aspects of it. Indeed, Millennial business owner and CEO Katya Varbanova says, viral marketing startell luck She said she worked hard in her 20s and saved up an emergency fund so she could always take a year or two off.
Still, Varbanova says she has also experienced signs of a midlife crisis, including depression, anxiety, loss of purpose and identity, which she attributes largely to being chronically online. are.
“There’s so much anger-mongering content these days, and it can have a big impact on your mental health,” she says. Additionally, other real-life factors contribute to the feeling of a midlife crisis. “Of course, sometimes things happen in life, like health problems, breakups, personal disasters. I had to overcome both.”
Varbanova predicts that millennials will continue to reshape what a midlife crisis, or major life change, looks like. She believes more millennials will pursue self-employment and entrepreneurship to improve their financial security.
“We are the first generation to realize that money has no value if it comes at the cost of soul and freedom,” Varbanova says. “I think millennials really crave both.”
Read more about intergenerational money and lifestyle habits:
A version of this story was first published on Fortune.com on May 31, 2024.
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