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Millennials are so worried about their finances that they’re falling into a depression

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Summary

Millennials are facing a high level of financial uncertainty, and this is causing many of them to be anxious, depressed, and having difficulty sleeping. This is due to a combination of factors such as carrying high debt loads, coming of age during two recessions, and grappling with the effects of climate change. Financial anxiety can have serious consequences on mental and physical health, and experts recommend coping with it through therapy, journaling, talking to nonjudgmental friends, and being realistic with budgeting. Despite the current challenges, Millennials and Gen Z may benefit from the Great Wealth Transfer and have already taken steps to build their safety nets by saving and investing earlier than older generations.

Q&As

What percentage of millennials report financial anxiety making them depressed?
54% of millennials report financial anxiety making them depressed.

What are the potential reasons millennials feel financially anxious?
Potential reasons millennials feel financially anxious include carrying historically high debt loads, weathering two recessions, and grappling with the effects of climate change.

How have millennials been disproportionately impacted by the COVID-19 pandemic?
Millennials have been disproportionately impacted by the COVID-19 pandemic through job loss.

How can millennials cope with financial anxiety?
To cope with financial anxiety, experts recommend acknowledging emotions, being realistic with budgeting, and focusing on the long term when saving and investing.

What factors could help millennials sleep better at night?
Factors that could help millennials sleep better at night include continuing to grow in their careers, the Great Wealth Transfer, and building a substantial safety net over time.

AI Comments

👍 Millennials are more educated and have started saving and investing earlier than older generations, which should help them build a substantial safety net over time.

👎 Many millennials are experiencing high levels of financial anxiety due to taking on high levels of debt, job loss, and economic uncertainty.

AI Discussion

Me: It's about how millennials are so worried about their finances that it's making them depressed. 54% of millennials say financial anxiety is making them depressed, and it's keeping them up at night. Apparently, it's due to the high levels of debt they have, the two recessions they've faced, and other factors like climate change.

Friend: That's really concerning. It's scary to think about how much financial uncertainty so many young people are facing today.

Me: Yeah, it's really concerning. And it's not just a financial burden, but it's taking a toll on their mental health too. It's important to take steps to manage financial anxiety, like talking to a friend or professional, budgeting, and investing for the long term.

Action items

Create a budget and stick to it.
Start saving and investing as early as possible.
Seek professional help if needed, such as a financial advisor or therapist.

Technical terms

Millennials: People born between 1981 and 1996.
Gen Z: People born between 1997 and 2012.
Boomers: People born between 1946 and 1964.
Financial Anxiety: Anxiety caused by financial worries or concerns.
Great Recession: A period of economic decline that began in 2008 and lasted until 2021.
COVID-19: A contagious virus that first appeared in late 2019 and has since spread around the world.
Inflation: A sustained increase in the general level of prices for goods and services.
Great Wealth Transfer: The transfer of wealth from baby boomers to younger generations.
Therapy: A form of treatment that involves talking to a mental health professional.
Journaling: Writing down thoughts and feelings in a diary or journal.