Imagine being a Millennial, hitting your 40s, and wanting to shake up your life with a classic midlife crisis - buying a shiny red sports car, getting a tattoo, or jetting off to a tropical island somewhere. Problem is, Millennials can't afford it! We've got the tea on why Millennials feel too broke to have a proper midlife crisis.
Here are Five Fast Facts on the midlife crisis being in crisis:
- 💸 Cash for a Crash - A whopping 8 out of 10 Millennials in an April 2024 survey said a midlife crisis is a luxury they can’t afford, because things like new careers or fancy cars cost way too much in today’s economy. It’s like wanting a giant ice cream sundae but only having coins for a single scoop!
- 🤖 AI’s Job-Stealing Shenanigans - Many industries, like tech and manufacturing, are slowing down hiring, and AI is snagging jobs from knowledge workers and creatives. A Glassdoor poll found 7 out of 10 tech workers feel stuck in their jobs, probably muttering, “Thanks a lot, robot overlords!”
- 👶 Kids and Costs Cramp Their Style - Millennials are spending more time raising kids than past generations, with parenting eating up their time and money. The cost of raising a child has jumped 20% since 2016, so forget that sports car - diapers are the new dream purchase!
- 🤦 Economic Rollercoaster Ruins Plans - Millennials got hit hard by the dot-com bust, the Great Recession, the COVID pandemic, and now inflation and AI, all at the worst possible times in their lives. It’s like the universe keeps yelling, “Not today!” every time they try to make a big life change.
- 🪤 Stuck in a Rut - Two-thirds of professionals in that Glassdoor poll feel trapped in their current roles, and going back to school costs 40% more than it did 20 years ago. It’s like Millennials are playing a game of Life where all the cool moves are locked behind a paywall!
🔥Bottom line: In the end, Millennials are facing a midlife crisis that’s more like a midlife grumble, with no extra cash to splurge on wild adventures or big changes, and longing for a crisis they could actually afford. Today’s economy is basically saying, “LOL, a midlife crisis? Try a midlife budget check!” Experts helpfully suggest smaller midlife pivots: learn a new skill, try freelancing, or just take a break. Because sometimes, a tiny tune-up is better than buying the shiny red sports car (that you can’t afford anyway). But a midlife pivot really doesn't have the same ring to it...
Can you afford a midlife crisis?
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