As young people reach their 20s, the hardships of the cost of living have left many with the sense that the life they were ‘promised’ is just too hard to attain – and money seems to play a big part.
Forget a mid-life crisis, it seems the realities of life are hitting young people like a ton of bricks, thanks to a number of different factors, from student loan debt and the rise of cost of living to simply not earning enough money to cope with their lifestyles. Many, including myself, are asking: “Where’s does all the hard-earned money go?’
According to a LinkedIn study from 2017, 75% of young Brits between the ages of 25 and 33 experienced a quarter-life crisis, with 49% citing “not earning enough” as a cause of anxiety. Interestingly, more women (51%) than men (49%) are going through this crisis.
And as previously reported by The Mirror, six in ten young adults are struggling to make ends meet, causing them to become “anxious, frustrated, confused and sad.” A study for First Direct bank revealed that financial difficulties are the top cause of the quarter-life crisis.
As a result, the idea of having a home, a car and a steady job by the age of 25 has become something of a distant dream and instead, young people are focused on pursuing professional goals and earning as much money as possible while climbing the career ladder. Nonetheless, the struggle to make ends meet persists.
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Dr Emma Palmer-Cooper, a research psychologist, told The Mirror that the journey into adulthood has shifted significantly 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.”
She explained that during this period, which affects those mostly in their early 20s, people are trying to figure out who they are, what they value, and where they want to go in life. “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,” Dr Palmer-Cooper added.
A 28-year-old university student based in London explained that juggling rent and other necessities while on a low wage in the capital has had it’s effects on their social life. They told us: “I barely have enough money left to socialise, have a beer or go for dinner with my friends. It’s crazy.”
While London offers a different range of job opportunities, many of them aren’t paying enough, making it difficult to afford the necessities of living. “The salaries and the high costs of living don’t match,” our student, who works full-time in a restaurant whilst studying – and is making “just enough to survive.”
Dr Sona Kaur, a clinical psychologist, told The Mirror that the psychological pressure to having life figured out by 25 is “outdated” and 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.”
Dr Sona Kaur added: “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 told The Mirror: “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,” she added. “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.”
As a part of Gen Z, and in my mid-20s, I’ve also gone through – and still go through – the period of feeling uncertain about my future. I grew up thinking that life would neatly fall into place well before my 30th birthday, but I soon faced a harsh realisation – aka my quarter life crisis.
While money can’t buy the happiness, I often find myself thinking of Watson’s message about financial security and the feeling of being released from financial pressure. Better and fair pay for young people can provide access to the necessary resources to achieve our big dreams.