The midlife crisis narrative is changing as evolving values and financial realities redefine this crucial life stage. The millennial generation, born between 1981-1996, faces unique challenges in comparison to other generations.
Many people are feeling financial strain due to a combination of low wages, student debt and rising costs.
This generation has a new understanding of the term “midlife crisis”. It used to be associated with extravagant spending on exotic holidays and sports cars.
According to a recent survey by The Thriving Centre of Psychology, 81% of surveyed millennials believe they cannot afford a midlife crisis.
Even when they are experiencing existential questions, the economic hardships that define their lives can limit their desire to spend money on expensive pursuits.
The emotional and psychological aspects of a midlife crises haven’t been eliminated by financial constraints.
These challenges are often manifested in less dramatic ways by millennials as they wrestle with issues of identity, fulfillment, and purpose.
The millennials are earning 20% less at the age of 40 than their baby-boomer counterparts.
The economic environment millennials are navigating is markedly distinct from their predecessors.
The millennial generation earns about 20 percent less than the baby boomers at the same age, despite rising living costs.
The rising cost of housing and inflation has forced many people to postpone traditional milestones such as buying a home or starting a family.
Many millennials feel unfulfilled by these financial obstacles and are questioning whether traditional career paths have value.
Due to the high cost of education and the competitive nature of today’s job market, it is often difficult for people to afford items that are associated with midlife crisis, such as luxury cars, cosmetic surgeries, and extended travel.
Instead of spending money on expensive but equally impulse-driven behaviours like wardrobe revamps and weekend getaways, many millennials will opt for less expensive, yet still equally as impulsive, actions, such as spontaneous trips or wardrobe upgrades, to try and regain a youthful sense of self.
Redefining midlife crises for a younger generation
While the older generation may view midlife as a period of conspicuous consumerism, the millennials place more emphasis on personal development and emotional wellbeing.
The search for identity and meaning is more important to many than the material success symbols.
In lieu of lavish spending, the millennial generation may choose to invest in mental or lifestyle improvements.
This generation is navigating midlife issues by attending therapy, discovering new hobbies or changing careers to more meaningful ones.
Digital age plays an important role in millennials’ midlife crises.
The constant flow of “rage-baiting headlines” and aspirational social media content can increase feelings of anxiety and inadequacy, leading people to question their accomplishments and places in the world.
Financial instability has a psychological impact
Financial instability is a major psychological issue for many millennials.
This generation is prone to anxiety, depression and burnout, especially as it faces the pressures of social and economic expectations.
The millennial generation is often faced with “crises of purpose” rather than the midlife crisis that plagued baby boomers.
Many millennials have been encouraged to set ambitious goals only to wonder if they brought them genuine satisfaction.
Some people have felt disillusioned by the fact that they’ve reached professional milestones but not received the financial reward to match.
Entrepreneurship and Self-employment: A Shift in Attitude
Many millennials, who are frustrated by traditional employment structures which often do not provide financial or personal security and fail to fulfil their potential, look at self-employment and entrepreneurship as viable alternatives.
The career paths that are available offer greater flexibility and the opportunity to match careers with values.
By taking non-traditional paths, the millennials can escape stagnation and the lack of autonomy which often characterize midlife crisis for their generation.
The changing perspectives of Millennials on freedom and success
The millennial generation is redefining what it’s like to have a midlife crises.
Although their financial limitations may prevent them from participating in traditional expressions during this stage of life, the focus they place on their emotional and psychological wellbeing reflects a wider cultural shift.
The younger generation tends to place more importance on work-life harmony, freedom and meaningful relationships.
The midlife crisis is evolving as millennials redefine their success.
The transformation of the life stages challenges traditional views and highlights the struggles and hopes of the generation that is navigating a social and economic landscape in flux.
The post entitled Why millennials cannot afford a midlife crises: Earnings, inflation and changing priorities, may change as new information becomes available.
