VoxThe cited sources give this account (ad): Millennials are experiencing a unique midlife crisis shaped by economic crises, particularly the 2008 financial crisis, which hit them as they were entering the workforce. This has led to a sense of constant setbacks and a lack of economic stability, affecting key markers of adulthood such as financial stability and homeownership.
Emil Niazi, a columnist (ad) at The Cut, explains that the midlife crisis for millennials is different from previous generations due to a series of crises, including 9/11 and the 2008 financial crisis, which have altered their experience of this stage of life.
The quarterlife crisis, which typically occurs in one's late 20s, is often characterized by a sense of failure and a lack of direction, while the midlife crisis for millennials is more about the lack of economic stability and the inability to achieve traditional markers of adulthood. Niazi notes that many millennials are having a different experience of midlife compared to their parents, with a prolonged period of early adulthood marked by financial instability and a lack of economic security (ad).
The 2008 financial crisis hit millennials as they were entering the workforce, leading to mass layoffs and a lack of job security (ad). This has created a sense of constant setbacks and a lack of economic stability, affecting key markers of adulthood such as financial stability and homeownership. Niazi also points out that the prolonged period of early adulthood for millennials has led to a sense of pressure to stay looking young, while grappling with the reality of mortality and the challenges of delayed adulthood markers. The midlife crisis for millennials is also shaped by the need to care for aging parents and growing children, which has led to a sense of responsibility and a lack of time for personal growth and leisure activities.
Niazi notes that the midlife (ad) crisis for millennials is not about missing their youth, but about accessing real adulthood and achieving financial stability and homeownership, which have been delayed due to economic instability. This differs from previous generations who might have felt a void in their youth, as millennials are more focused on becoming genuine adults.