The Blubber

Millennials—those born between 1981 and 1996—earn 20% less than baby boomers did at the same age, according to Farmani. On top of that, they face the burden of student loan debt, a tough job market, and rising housing costs—all of which make it harder to achieve financial stability. As a result, many millennials are postponing traditional milestones like buying homes and having children. High housing prices and inflation also limit their ability to spend freely on a typical midlife crisis.

Still, some experts argue that millennials aren’t skipping the midlife crisis—they’re just experiencing it differently than past generations.

“While the classic image of a midlife crisis may involve extravagant spending, it’s the underlying emotional and psychological turmoil that truly defines the experience,” certified financial planner Andrew Latham told Fortune.
“Whether it’s splurging on luxury items or making impulsive life changes, the essence of a midlife crisis lies in the quest for meaning, identity, and personal fulfillment—not on the balance of your checking account.”

While flashy sports cars or lavish vacations might be the traditional signs of a midlife crisis, millennials may instead indulge in more modest discretionary purchases.

“Someone going through a midlife crisis might impulsively revamp their wardrobe, get cosmetic work done, or book spontaneous travel adventures—even without having substantial savings or wealth,” Latham said.
“These behaviors are often fueled by a desire to recapture youth, seek meaning, or break free from a sense of stagnation—not by financial planning.”

So even if millennials aren’t having a midlife crisis in the same way their parents did, that doesn’t mean they’re not facing major life shifts.

“The term ‘midlife crisis’ may need to be redefined in the context of this generation’s experiences and circumstances,” Farmani noted.

What millennials want from life and work

While many millennials say they don’t believe they can afford a midlife crisis, not all of them are focused solely on the financial aspect. Katya Varbanova, a millennial entrepreneur and CEO of Viral Marketing Stars, told Fortune that she worked hard in her 20s and built up an emergency fund that would allow her to take one or two years off if needed.

Even so, Varbanova said she has still experienced the emotional symptoms of a midlife crisis—depression, anxiety, a loss of identity and purpose—much of which she attributes to being constantly online.