Yahoo Finance Survey Reveals 81% Of Millennials Can't Afford A Midlife Crisis Like Previous Generations
Millennials are growing older. The oldest member of the generation is 43, and the youngest is 28. As they age, they naturally face new challenges and stresses, one of which is the dreaded midlife crisis.
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A recent survey by the Thriving Center of Psychology revealed that one in 10 millennials have already experienced a midlife crisis at 34, and half of the surveyed millennials expect to face a midlife crisis in the future, expecting it to hit around 44.
The survey results of 1,000 millennials were eye-opening, as 81% believe they can't afford a midlife crisis, and 58% say they don't have time for one. Additionally, 70% reported that they aren’t where they thought they’d be at this point in their lives, and 49% said they feel trapped by their life circumstances, financial strain, personal challenges, or a combination of these factors.
According to the survey, 62% of millennials do not feel financially stable at this stage in their lives, and 38% do not feel mentally stable. Furthermore, 62% have delayed major life milestones due to financial reasons, and 30% have postponed important life events due to mental health struggles.
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It’s clear from these findings that many millennials are having a hard time meeting their financial goals. They’re also not shy about talking about it on TikTok and other social media platforms. A common complaint is that even though they make much more than the federal minimum wage, they still can’t afford to cover basic living costs.
They are often faced with high costs for housing, health care, and education, which eat up a large portion of their income. Even with good jobs, the rising cost of living makes it difficult to save money, buy a home, or plan for the future.
Adding to their struggles, many millennials are dealing with student loans and other debts, which makes it even harder to become financially stable. This generation is often described as the most educated yet the most financially challenged.
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This article Survey Reveals 81% Of Millennials Can't Afford A Midlife Crisis Like Previous Generations originally appeared on Benzinga.com
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