The millennials of today perceive themselves to know it all, to have it all; they appear confident, independent and strong willed. Their approach towards professional life is far more balanced and their goals to attain are greater than their predecessor, Gen X.
With the world having moved into an era of the tech-savvy millennial, everything is available merely by a click and can be achieved almost instantly.
The pressure of not being able to do so, due to financial worries and sustainability of material needs, can often result to one being stressed and anxious. Most millennials believe that they can plan on their own terms and are able to take their own steps, writing their destiny.
There are two financial groups of millennials; however both are equally stressed when it comes to money matters.
- The 1st group includes those millennials who know what they want and possess the means to ensure that they get what they want. They are not financially dependent on their parents and don’t carelessly spend on materialistic needs. They adapt to their way of life and are strong minded when it comes to earnestly spending.
However, trouble sets in when they tend to put too much pressure on their abilities to save for a drier day or their retirement savings. They become anxious and push themselves to the extreme limit; many a times they engage themselves in one or more jobs to ensure that their bank account is sustained. The inability to do so, often leads to a depressed state of mind.
- The 2nd group of millennials are those who love to keep their wallets open and are not afraid to have a good time. This does not last long as a reminder bell rings when at the end of the month they face financial complexity.
- Panic attacks and anxiety set in; this shows that this group is not essentially prepared for ‘real life’. At times, the nights out cost more than paying off the monthly rent and the daily expenses and curbing these bad habits enables them to beat themselves up for not being able to strike the right cord in life, often leading to self-loathing and depression.
The constant need to be competitive with their peers and to have all the luxuries in life are often frustrating, stressful and hamper the mental health of a young adult.
The millennials are optimistic in nature but often disregard the need to listen to older adults.
Crippled by their lifestyle needs, the generation is on the edge of a growing crisis. A generation which includes the age group between 18 to 30 years was raised to be eccentric; they were pushed to be competitive and achieve even the smallest feats and thus have come to perceive themselves as above average. The incapacity to do so can push anyone under a rock that is hollow inside, in-depth with depression.
The role of parents, teachers, friends, older colleagues and team-mates can play a major role in addressing this problem.
Watching out for signs and symptoms can evade a tragedy from taking place. Young adults too need to open up and confess their issues so that they can be helped.
Speaking to parents or older adults about money management can help bridge the gap, parents sharing their past experiences can also help tremendously.
Parents need to play an important role in advising their kids to set financial goals which can easily be accomplished without adding pressure on them and ensuring them that there is indeed a light at the end of the tunnel.
The author is a Consultant Psychiatrist at Fortis Hospital, Mulund