Young people struggle with cost of living as they hit 'quarter-life crisis'

Daily Record

2 days ago

Gen Z's are hitting a slump as they struggle to deal with the cost of living and not having the life they were 'promised'.
The majority of people have heard about the mid-life crisis, which comes with many questioning their life choices and wanting to make a change. Now while it may have taken older generations a while to reach this slump, it seems that Gen Z's are hitting as early as their twenties.
The harsh realities of life seem to be hitting young people as many are seen to be entering a 'quarter-life crisis'. With the rising cost of living, many young people are simply not earning enough money to maintain their lifestyles. Many of us are left sitting, asking ourselves: "Why did all my hard-earned money go?"
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Back in 2017, a LinkedIn study revealed that 75 per cent of young Brits between the ages of 25 and 33 experienced a quarter-life crisis, reports the Mirror. As many as 49 per cent said that "not earning enough" was causing them a great deal of anxiety.
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The study also revealed that a higher percentage of women (51%) were going through this crisis than men (49%).
It has also been previously reported that six in ten young adults are struggling to make ends meet. With a First Direct bank study revealing that financial difficulties are the top cause for the quarter-life crisis, it is no wonder young adults are feeling "anxious, frustrated, confused and sad."
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Any dreams of having a home, care and a steady job at the age of 25 is slowly slipping down the drain for many young adults as they are now focusing on pursuing professional goals and trying to earn as much money as possible. However, despite this valiant effort, the cost of living struggle still persists.
Research psychologist Dr Emma Palmer-Cooper has said that the beginning of adulthood has significantly shifted from that of the older generations due to the cost of living.
She said: "Where previous generations may have been married, settled in full-time work, and starting a family by their mid-20s, today these milestones often occur much later — sometimes nearly a decade on."
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She explained that those in their early 20s are in a period of their life where they are trying to figure out who they are, what they value and where they want to go in life.
Dr Palmer-Cooper added: "This phase is also marked by a high degree of instability. Many young adults are navigating unpredictable job markets, insecure housing, and broader economic uncertainty — all while trying to make sense of themselves and their place in the world."
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There has previously been a psychological pressure for young adults to have their life figured about by the age of 25. However, clinical psychologist Dr Sona Kaur believes this is "outdated".
She said: "The psychological pressure to have everything figured out by the age of 25 is outdated and doesn't reflect today's economic or cultural climate. Previous generations had a more linear pathway to adulthood: university, job, marriage, and mortgage.
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"But for many millennials and Gen Z, these steps are either delayed or feel entirely out of reach. This disconnect between expectation and reality can trigger anxiety, low mood, and even identity confusion, especially when young adults tie their self-worth to these achievements."
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Jessica Watson, founder of GLORIAH, also said: "In today's economic climate, many young adults are grappling with the reality that the traditional markers of success—stable employment, home ownership, and financial security—are increasingly out of reach.
"This disconnect between expectations and reality is fuelling a sense of disillusionment and uncertainty. When I left my corporate job, I was on a £86,000 salary with all the stability that's meant to define 'success'—but it didn't feel meaningful.
"The saying you need money to make money is true. But you also soon figure out what makes you happy once you have a taste of financial security."