Midlife crises reportedly look different for millennials, the reasons are eye-opening

Different generations have lived through dynamic periods of massive change. What boomers and older generations prioritized has shifted dramatically for millennials. Millennials are experiencing midlife crises, but not in the same way as boomers did, reports FORTUNE. With shifts in lifestyle, challenges, and perceptions, millennials face different concerns. A significant change between previous decades and today is the economy, transforming what midlife crises mean for millennials.

Previously, people in their 40s focused on achieving their "dream life," including luxury cars, houses, and financial assets. Today, those in their 40s often just want the basics. The tough economy makes it hard to buy a home. Additionally, their social lives and relationships are bleaker compared to boomers. In the past, 40-year-olds had started families and focused on providing for them. Now, millennials struggle to find partners and a comfortable lifestyle, let alone raise a family.

The most surprising statistic is that 81% of millennials today say they can't “afford” midlife crises, according to the Thriving Center of Psychology. Even considering it feels like a luxury due to difficult living conditions. Dr. Tirrell De Gannes, a psychologist, explains, “ Millennials are experiencing these symptoms for a variety of reasons including but not limited to growing up with the expectations of moving out at a young age and being self-sufficient without the resources.” She adds that although present incomes are higher than what boomers made, they are still insufficient today.

De Gannes also explained how the stereotype of older generations is an added cause of crises among millennials. “Being told the same old tropes of pulling yourself up by your bootstraps, getting married at a young age, buying your own home after getting your ‘adult’ job, etc., leads to feelings of inadequacy. When most to all of your goals are unreachable, we compare them to those that have succeeded on social media. Access to mental health support seems like a distant luxury. It is easy to fall into a feeling of being trapped,” she highlighted. 

Millennial CEO Katya Varbanova shared her own experience. She pointed out that though she had saved up and was good to go for the future, she had her midlife setback with feelings of inadequacy and insecurity. “Sometimes life just happens, whether it’s a health issue, a breakup, a personal disaster. I’ve had to overcome both of those,” she revealed. “We’re the first generation that realized that money isn’t worth it if it costs you your soul and freedom. I believe millennials truly crave both.” She added that midlife crises are bound to overlap and change for different people based on what they view as setbacks and achievements.