If you were born in the late 80’s or 90’s it’s likely you have been branded a millennial. In recent years the struggle of that age and label is a harsh reality.
Due to the mistakes of the baby boomers and their children, the millennial generation faces the trials of a new economic climate. Obtaining work, finding a job you like and excel at is difficult. Furthermore, there is a constant struggle of affording rent or saving for your first home is constant.
This anxiety driven generation is now having a premeditated life crisis. A new report suggests that almost three-quarters of twenty and thirty-something-year-olds are in a state of crisis. The survey revealed that 72% of young professionals surveyed felt that they had experienced a “quarter-life crisis,”. Furthermore, this leads them to question their career path and life choices.
According to the research by LinkedIn, this age group is comparing themselves to more successful friends can also cause a crisis in confidence, with nearly half admitting that this has caused them anxiety.
The Quarter-Life Crisis
Clinical psychologist Dr Fowke says the quarter-life crisis has become increasingly more prominent in recent years due to the pressures younger generations face, particularly when compared to older generations.
‘Nowadays, twenty-somethings are under intense pressure to get themselves into the housing market, navigate the increasingly complex professional landscape and maintain their personal relationships,’ he explained.
He added that the main challenges faced by young professionals include dealing with uncertainty and failing to reach the expectations set for themselves. The survey questioned over 6,000 people from the UK, US, Australia, and India on what made them anxious during their mid-20s and early 30s.
Many said they had concerns over their career. 59% said they were unsure about what to do next in life.
In fact, a quarter of people said they have taken a career break, while more than a third say they have completely changed careers. Financial issues are also a factor. 49% said they felt weren’t earning enough and 44% believing that buying a house was out of reach.
It comes as a new report suggested that millennials can afford to buy a home if they make ‘relatively small changes’ to their lifestyle – including not buying sandwiches at lunch and not splashing out on phone upgrades.
According to the research, young adults can save enough for the capital city’s average deposit of £64,000 in five years with the adjustments to their spending habits – but only with a bit of help from the Bank of Mum and Dad.
However, this has been deemed ridiculous by the actual millennial generation.
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