For the first time in American history, your generation faces the daunting prospect of earning less and achieving lower social status than your parents. This unprecedented financial pressure is taking a significant toll on mental health.
Consider the challenges you’re up against: a volatile housing market, astronomical rent prices, and inflation that outpaces wage growth. Add to that the emotional burden of extreme political polarization and looming climate change, and it’s no wonder that mental health issues are on the rise among your peers.
According to mentalhealthfoundation.org, approximately 40% of Millennials grapple with a diagnosable mental health condition, while nearly 60% report symptoms of anxiety and depression. These numbers underscore the urgent need to address the unique financial and emotional challenges facing your generation.
How Financial Stress Leads to Depression in Millennials
Financial instability has been shown to have a substantial negative impact on the mental health of Millennials. The constant pressure of managing bills, debt, and daily expenses often overwhelms individuals, making it difficult to find respite from their worries. People with depression and debt are more likely to still have depression several months later compared to those without financial difficulties.
Chronic financial stress can have a direct physiological impact on the body — prolonged anxiety about making ends meet leads to the release of stress hormones like cortisol. When you’re constantly stressing about how to make ends meet, your bodies go into overdrive, pumping out hormones like cortisol. Now, cortisol helps us stay alert and focused when we need to be. But when it’s constantly flooding our systems, it can start to mess with our brain function and leave us feeling anxious.
The correlation between financial challenges and depression is well-established, yet Millennials continue to encounter significant obstacles in accessing mental healthcare services. The exorbitant expenses related to therapy sessions and prescription medications often dissuade this demographic from pursuing the necessary treatment during times of heightened psychological distress.
Reasons Why Most Millennials Are Struggling Financially
Millennials face unprecedented financial challenges that set them apart from previous generations. The burden of student loan debt has delayed major life milestones and led to overwhelming stress. Here is more.
Job Market Instability
The rise of the gig economy and precarious employment opportunities have eroded Millennials’ financial security. Many struggle to find stable jobs with benefits, further exacerbating their economic woes. Despite rising living costs, wages have remained stagnant, making it difficult for Millennials to keep up with everyday expenses. The skyrocketing cost of housing, healthcare, and childcare has made saving and investing for the future increasingly challenging.
Societal and Systemic Factors
To fully grasp the issue, it’s crucial to recognize the role of broader societal and systemic factors in Millennials’ financial struggles and subsequent depression. These include income inequality, lack of affordable housing, and inadequate social safety nets.
Financial Struggles
You’re not alone if you’re feeling the weight of financial worries. Income inequality has steadily increased, making it harder for you to achieve financial security while the wealthy continue to prosper. The lack of a robust social safety net leaves you vulnerable to financial crises, with limited support when you need it most. Even with insurance, you might avoid regular doctor’s appointments due to the looming threat of medical debt.
The Education Dilemma
Millennials face a unique challenge: the high cost of education coupled with the societal pressure to obtain a degree. This combination has led many into substantial student loan debt, even when chosen careers don’t provide adequate financial rewards. The educational system, once seen as a path to success, has become a double-edged sword for many Millennials.
If you’re a Millennial struggling with your mental health due to financial stress, remember that help is available. Consider reaching out to a depression therapist. Many therapists offer sliding scale fees to make mental healthcare more accessible. We are here for you if you need help. We specialize in helping Millennials overcome financial stress and anxiety. Book a consultation with us today to learn more.