Millennial Midlife Crisis: Financial Instability and Delayed Milestones

The oldest millennials, at 43 years old, and those nearing their thirties are entering middle age. This group has faced criticism from older generations for prioritizing expenses like avocado toast and coffee over more practical items due to the financial instability caused by events such as the housing market crash in 2007. Many millennials have struggled with career setbacks since then, coupled with high student debt loads and recent pandemic-induced economic turmoil. As a result of these uncertainties, one out of ten millennials has already experienced what they perceive as a midlife crisis at the age of 34, according to research by ThrivingCenter of Psychology, which is dedicated to mental health services nationwide that provide in-person and online care. Half of respondents anticipate experiencing their own midlife crises around the average expected time frame for these milestones—the late forties. Although most millennials believe they cannot afford a crisis at this point due to delayed life events, 70% feel like they haven’t achieved what they thought would be attained by now; almost half say that they are stuck in their current circumstances. Money (62%) and personal factors contribute significantly to the sense of entrapment felt by millennials. Additionally, a third have delayed significant milestones due to mental health concerns rather than financial reasons alone. Currently, 38% feel unstable emotionally, while almost two-thirds believe they lack monetary stability (62%). Millennials’ expected midlife crises experiences are as follows: