Buying hot sports cars, changing hairstyles, and finding a mistress were classic signs of a midlife crisis — at least for older generations. A new study in Psychology shows that Millennials are so poorly off in today’s economy that they believe they are too poor to allow themselves the collapse their predecessors mocked them for.
Of the more than 1,000 millennials surveyed, 81% said they couldn’t afford a midlife crisis, which is… A thriving center for psychology It is defined as either gaining or losing significant weight, consuming more alcohol, attending therapy, changing one’s appearance, or taking up a new hobby.
According to the study, many people going through a midlife crisis also experience anxiety, depression, loss of purpose, sadness, and burnout. But while baby boomers’ midlife crises may have been defined by fear of aging or panic about big life changes, younger generations are experiencing a different set of fears.
The midlife crisis for millennials is rather a “crisis of purpose and engagement,” says Stephen Floyd, a business owner SF Psychotherapy ServicesHe tells luck. “The generation that was encouraged to work hard and shoot for the stars got there and asked, ‘Am I satisfied? Do I even care?’
Why can’t millennials afford a midlife crisis?
Midlife crises in the past are often defined by lavish spending — whether on expensive cars, extended vacations, cross-country or world moves, or expensive plastic surgery. But millennials are facing a tough economy that makes it difficult for them to endure the traditional midlife crisis, says Maysoon Farmani, a personal life coach at Farmani trainingHe tells luck.
Millennials, those born between 1981 and 1996, earn 20% less than baby boomers their same age, Farmani says. In addition, they are “burdened by student loan debt, a challenging job market, and high housing costs, which reduce their ability to achieve financial stability.” Millennials are delaying all kinds of milestones, including buying homes and having children, thanks to rising housing costs and inflation, which also limits their ability to spend mindlessly on a midlife crisis.
However, some experts say that it is not that millennials cannot handle a midlife crisis, but rather that this turning point in life may look different than previous generations.
“While the classic image of a midlife crisis may involve lavish spending, it is the underlying emotional and psychological distress that truly defines the experience.” Andrew Latham, Certified Financial PlannerHe tells luck. “Whether it’s splurging on luxury goods or making impulsive life changes, the core of a midlife crisis is the search for meaning, identity, and personal fulfillment — not your checking account balance.”
While a shiny new sports car or an expensive vacation may be classic examples associated with a midlife crisis, Millennials may make smaller but discretionary purchases during that time period.
“A person experiencing a midlife crisis may spend recklessly on revamping their wardrobe, undergo cosmetic procedures, or embark on spontaneous travel adventures—all without necessarily having significant savings or wealth,” Latham says. “These behaviors are often driven by a desire to reclaim youth, find meaning, or escape feelings of stagnation — not careful financial planning.”
In fact, while Millennials may not be experiencing a “traditional” midlife crisis — one similar to their parents’ — that doesn’t mean they aren’t going through big changes in their lives.
“The term ‘midlife crisis’ may need to be redefined in the context of this generation’s experiences and circumstances,” says Farmani.
What do millennials want from life and work?
While the majority of millennials report that they don’t think they can afford a midlife crisis, others don’t care about the financial aspect of it. In fact, millennial entrepreneur Katya Varbanova, CEO of Viral marketing starsHe tells luck That she worked hard in her twenties and saved an emergency fund that allows her to take a year or two off whenever she wants.
However, Varbanova says she also faced signs of a midlife crisis, including depression, anxiety, loss of purpose, and loss of her identity, things she largely blames for her chronic online presence.
“Lately, there has been a lot of inflammatory content, and it can really affect your mental health,” she says. In addition, other real-life factors contributed to the feeling of a midlife crisis. “Of course, sometimes life happens, whether it’s a health issue, a breakup, or a personal disaster. I’ve had to overcome both.”
Varbanova predicts that millennials will continue to reshape what a midlife crisis — or big life changes — looks like. She believes more millennials will pursue freelancing and entrepreneurship in order 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 crave both.”
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