Poor, Busy Millennials Are Doing the Midlife Crisis Differently
They don’t really have a choice. But the internet generation might just be making some improvements to that cliched mashup of paunch and panic.
Illustration: Eline Van Dam
In 2023, 3.6 million Americans will turn 40 and, if they haven’t already, promptly freak out. This will be the third batch of millennials to hit the milestone. But this group probably won’t rebel like their parents, who in their 40s and 50s bought flashy boats or booked flights to Bali after jumping off the corporate ladder. They aren’t divorcing a spouse (they never had one) or getting a tattoo (they already have them). No, this generation is going to do the midlife crisis differently. They can’t afford to do otherwise.
The Emerging Millennial Wealth Gap, a 2019 report from the nonpartisan think tank New America, shows that those born from 1981 to 1996 earn 20% less than baby boomers did at their age. And data from the Federal Reserve Bank of St. Louis say their assets average $162,000, versus $198,000 for Gen X at the same age.