- Another indication of our changing times.
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It used to be, you might experience a mid-life crisis in your late 30's, as you approached the mythic age 40 milestone. This would result in erratic behavior, and cause people to change their lives personally and professionally, possibly even resulting in divorce. However, according to a new report from the United Kingdom, this crisis appears to have moved up in years and is now plaguing our Millennials.
Although the study was aimed at Britain, their conclusions are likely applicable to all Millennials, including those in the United States. The report was produced by First Direct, an on-line banking service in the UK, to study, among other things, Millennial financial habits. To do so, they teamed up with Dr. Oliver Robinson, Senior Lecturer for Psychology at the University of Greenwich.
Remarkably, 56% of 25-35 year-olds in the study claimed they were experiencing a quarter-life crisis which left them feeling "stressed," "overwhelmed," and "struggling to cope," the same type of anxieties as people experiencing a mid-life crisis.
Top causes behind Millennials having a crisis episode in the last 12 months:
| Causes by Age Group | 25-29 | 30-35 |
|---|---|---|
| Financial difficulties | 59.89% | 47.63% |
| Your living situation | 37.91% | 34.41% |
| Working in a challenging job | 30.40% | 26.18% |
| Lack of romantic relationship | 25.27% | 27.93% |
| Trying to find a job | 25.82% | 20.45% |
| Being in a challenging romantic relationship | 23.63% | 26.06% |
| Trying to get on the property ladder | 21.61% | 9.48% |
Source: FirstDirect
Notice the differences between the two age groups. The figures for 30-35 age group suggests more stability than the younger group, more confidence, and maturity.
First Direct produced a report describing these problems and how to address them, "How to turn your Quarter-Life Crisis into a Quarter-Life Catalyst," which is available for free at their web site. In it, they explain how to use this crisis to spark change in your life. This is a good read, not just for Millennials, but for their parents as well.
Personally, what I find interesting about the report, it hints at a stunting of the maturation process of Millennials due to declining socialization skills. To me, this is likely caused by our growing addiction to technology, where young people now prefer texting as opposed to verbal communications. This is enforced by the report's encouragement for young people to network socially, something that has been declining in recent years.
Some will make light of the concept of "quarter-life" crisis. I do not. I interpret it as another indication of our changing world, a decline in our culture, and the dangers of technology.
Keep the Faith!
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Tim Bryce is a writer and the Managing Director of M&JB Investment Company (M&JB) of Palm Harbor, Florida and has over 40 years of experience in the management consulting field. He can be reached at timb001@phmainstreet.com
For Tim's columns, see: timbryce.com
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Copyright © 2018 by Tim Bryce. All rights reserved.
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