Buying sexy sports cars, changing hairstyles and finding a lover used to be the classic signs of a midlife crisis – at least for older generations. But millennials are doing so badly in today’s economy that they think they are too poor to allow themselves the collapse for which their predecessors were ridiculed, a new psychological study shows.
Of the more than 1,000 Millennials surveyed, 81% said they cannot afford to have a midlife crisis Thriving Center for Psychology Defined as either dramatic weight gain or loss, drinking more alcohol, attending therapy, changing appearance, or taking up a new hobby.
According to the study, many people who go through a midlife crisis also experience anxiety, depression, meaninglessness, sadness and burnout. But while the baby boomer generation’s midlife crisis may have been characterized by fear of growing older or panic about major life changes, younger generations experience different concerns.
The midlife crisis for millennials is more of a “crisis of purpose and commitment,” says Steven Floyd, owner of SF Psychotherapy Servicestold Assets. “A generation that was encouraged to work hard and aim for the stars – they got there and asked themselves: Am I happy? Do I even care?”
Why Millennials “Can’t Afford” a Midlife Crisis
Midlife crises of the past have usually been characterized by lavish spending – be it on expensive cars, long vacations, moving across the country or around the world, or expensive cosmetic surgery. But Millennials are facing a tough economy that makes it hard for them to afford a traditional midlife crisis, says Mason Farmani, a personal life coach at Farmani Coachingtold Assets.
According to Farmani, Millennials born between 1981 and 1996 earn 20% less than baby boomers their age. In addition, they are “burdened with student loan debt, a difficult job market, and rising housing costs that impact their ability to build financial stability.” Millennials are delaying all sorts of milestones, including buying a home and having children, due to high housing costs and inflation also limits their ability to spend money carelessly during a midlife crisis.
However, some experts argue that it’s not that Millennials can’t afford a midlife crisis — it’s just that this turning point in life may look different than previous generations.
“While the classic image of a midlife crisis may involve extravagant spending, it is the underlying emotional and psychological turmoil that really defines the experience.” Andrew Latham, Certified Financial Plannertold Assets. “Whether it’s splurging on luxury items or making impulsive life changes, the heart of a midlife crisis lies in the search for meaning, identity, and personal fulfillment—not the balance in your checking account.”
While a shiny new sports car or an extravagant vacation are classic examples of a midlife crisis, Millennials may make smaller but discretionary purchases during this time.
“Someone experiencing a midlife crisis might spontaneously decide to have a wardrobe overhaul, undergo cosmetic procedures, or embark on spontaneous travel adventures—all without necessarily having any significant savings or assets,” says Latham . “These behaviors are often driven by a desire to recapture youth, find meaning, or escape feelings of stagnation—rather than careful financial planning.”
Even though Millennials may not be facing a “traditional” midlife crisis — one similar to their parents’ — that doesn’t mean they aren’t going through major 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 Millennials expect from life and work
While the majority of Millennials say they can’t afford a midlife crisis, others aren’t as concerned about the financial aspect. In fact, millennial business owner Katya Varbanova, CEO of Viral marketing starstold Assets that she worked hard in her twenties and saved an emergency fund that would allow her to take a year or two off whenever she wanted.
Still, Varbanova says she’s also experienced the signs of a midlife crisis, including depression, anxiety, a lack of purpose, and a loss of identity – much of which she attributes to living constantly online.
“There’s so much angry content lately that it can really impact your mental health,” she says. Additionally, other real-world factors have contributed to feelings of a midlife crisis. “Of course, sometimes life just happens, be it a health problem, a breakup or a personal disaster. I had to overcome both.”
Varbanova predicts that Millennials will continue to change the way a midlife crisis—or major life changes—looks. She expects more millennials to become self-employed and pursue 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 your freedom,” says Varbanova. “I think millennials really crave both.”
Read more about generational money and lifestyle habits:
A version of this story originally published on Fortune.com on May 31, 2024.
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