Understand The Millennial Midlife Crisis And How To Navigate It
Individuals from all generations may experience midlife crises. However, each new generation may face different challenges than those experienced by previous generations. Millennials may face various difficulties during this phase of their lives, especially those involving financial difficulties. Individuals experiencing emotional turmoil during midlife or any other phase of life may benefit from working with a licensed therapist.
What is a midlife crisis?
According to Forbes, a midlife crisis usually occurs when a person is between 40 and 60 years old and involves emotional turmoil and a deep desire for change. The concept of a midlife crisis may offer an explanation as to why people in this age range frequently make significant changes to their lives. Some believe midlife crises stem from the fear of aging without having completed certain milestones. Typical actions taken during a traditional midlife crisis may include the following:
- Buying new cars
- Making large purchases
- Selling their homes
- Going through a divorce or other relationship changes
- Making a risky move to a new location
- Experiencing new mental health challenges
- Making significant changes to their appearances
- Going on a trip
- Changing career paths
Any significant change may be considered a sign of a midlife crisis. Often, these changes involve extravagant spending and are considered unhealthy, as they may put someone in an unstable situation. However, this isn’t always the case, as some midlife changes may improve a person’s life.
The aspects of midlife crises listed above may be related to the “traditional” American dream, which generally involves getting married, buying a house, having a family, and purchasing expensive items. However, as times change, the midlife crises experienced by younger generations may no longer be focused on these areas.
Do Millennials have a different type of midlife crisis?
As of 2024, Millennials, who are generally born between 1981 and 1996, are in their late 20s to early 40s. Older Millennials may be entering the midlife period, so some may wonder if they should expect a different midlife crisis than what was experienced by Generation X or Baby Boomers.
Because the people in this generation have gone through different experiences in their lifetimes compared to past generations, they may be more likely to experience certain fears or maladaptive coping mechanisms as they reach middle age.
Millennials may face major life challenges as young adults. In general, younger generations have experienced two recessions, a pandemic, and the extreme inflation of housing costs. Home prices have risen by approximately 423% since 1984.
Meanwhile, the federal minimum wage is around 40% lower than it was in 1970 when adjusted for inflation. Finances, housing, and difficulty finding professional growth opportunities are often considered some of the most significant stressors for Millennials.
Aspects of a Millennial midlife crisis
Due to the unique economic, social, and personal barriers that Millennials may face, the following factors may play roles in this generation’s midlife crises.
Financial difficulties
Some Millennials began working in the job market during a recession, and many have since encountered financial difficulties. According to a survey by New America, only 24% of Millennials may be considered “financially healthy.” Millennials entering midlife may not have the necessarily financial stability to make significant purchases or life changes like their predecessors. Being unable to make these changes may lead to a sense of being trapped.
Because there tends to be significant pressure in the US to buy a house and follow a predefined path to retirement, Millennials may be worried about how they will set up a healthy life for themselves and their families as they age.
Thoughts of being “trapped”
Due to financial difficulties and other barriers to making life changes, Millennials may believe they are stuck in their current lifestyles. Some may not have enough money saved in retirement funds to consider retiring until they are past their 70s. Others may rely on family or support systems for guidance. Because of this potential sense of being trapped, individuals might turn to unhealthy forms of escapism from midlife challenges, such as alcohol or substance use.
If you are struggling with substance use, contact the SAMHSA National Helpline at (800) 662-4357 to receive support and resources. Support is available 24/7.
A lack of time
Research generally considers Millennials one of the hardest-working generations. 73% of Millennials are reported to work more than 40 hours a week, and more than 25% are thought to work two or more jobs. In addition, Millennials are said to make up 75% of the global workforce.
For this reason, many Millennials do not have much time to make significant life changes like going on a long trip, adjusting their lifestyle, or spending more time with family. Because Millennials often report a sense of being “trapped,” some may not believe that change is an option.
Other generations may view Millennials as lazy, but members of this generation often juggle many financial and professional responsibilities simultaneously. They may struggle to give time to mental healthcare, family outings, and fun activities due to work obligations. Instead of buying a new car or going on a cruise as part of their midlife crises, these individuals might experience the urge to turn to substances or escapism through work.
Mental health challenges and psychological turmoil
How to navigate a Millennial midlife crisis
If you’re a Millennial quickly approaching midlife, you might consider the following advice for navigating the next 10 to 20 years.
Reframe the way you view success
“Success” is often seen as a specific path that may have worked for past generations. However, what worked for your parents or grandparents may not be possible for you due to the changing political, economic, and career climates. Consider your own desires rather than focusing on others’ expectations. If you aren’t married, don’t have a house, haven’t had children, or can’t afford luxury items, you’re not alone.
Are there ways to bring more joy into your life that don’t involve significant cost or time? You might consider the following:
- Finding a “chosen family” of people who love and support you
- Having frequent, fun events with your loved ones, such as themed parties
- Renting a home instead of buying
- Taking free or low-cost trips near home, such as going to a national park near you
- Finding a job that offers more time freedom or a healthy work/life balance
- Making new traditions with your family
- Taking up a new hobby or life skill
- Having less expensive events for life milestones, such as weddings
- Saving money for leisure and enjoyment
- Buying an older car to save money for other areas of life
- Considering alternative lifestyles, such as van life or off-grid living
- Considering a personal life coach to navigate the challenging job market and other challenges, such as student loan debt
- Meeting with a financial advisor to discuss financial planning and establish financial stability
Avoid harmful habits
Because the Millennial generation tends to have a higher risk of mental illness, some people may try to self-medicate their stress with harmful coping mechanisms like using substances, gambling, or “giving up” on goals. According to American Addiction Centers, approximately 5.6 million Millennials aged 30 to 34 experienced substance use disorder, which was the third largest group of any generation to experience one of these conditions. Substance use can negatively impact mental and physical health over time.
Talk to a therapist
Thoughts of hopelessness may arise when looking at the current economic climate for Millennials. Talking to a professional may be one way to cope with these thoughts and find a way forward. You’re not alone, and midlife doesn’t have to be scary. If you face barriers to seeking in-person therapy, online therapy options like BetterHelp are available.
You can access cost-effective therapy from home or any location with an internet connection through an online platform. In addition, you can choose a session time that works for you, including outside of standard business hours, and attend appointments via phone, video, or live chat.
Studies generally support the effectiveness of online therapy, especially for treating anxiety and depression, which tend to be common mental health conditions in Millennials. One study found that online therapy appeared to be more effective than in-person options in reducing symptoms and improving quality of life, and it was also considered more cost-effective.
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