Student Loans and Financial Woes: Understanding the Psychological State of the Millennial Generation

Stress, depression, and anxiety seem to be plaguing young adults categorized in the infamous millennial generation. What is the reason behind this mental health issue and it’s specific targeting?

A recent survey by the American Psychological Association and Harris Interactive found millennials to be the most stressed generation in the entire United States. On top of that, they’re also being diagnosed with depression and anxiety disorders at a rate higher than any other generation. Not looking good.

I myself am proudly a millennial, and feel I am a realist about it all. I see both sides…but what is causing scaled havoc in a such a unique generation? A generation that is more globalized, more connected, more aware, and more generally empathic of the actions occurring throughout the world.

This generation, in theory, should be more evolved, more mature, and more humble than their parents…as they know so much more about the world at a consistently younger and younger age. Is this level of expectation, pressure, and adapting to a competitive mentality too much for some Millennials? Is technology the problem? Is it too much for ALL Millennials, or beyond even?

Money Woes

Millennials are broke. These are facts. Their lack of capital is a mundane and consistent source of stress. It’s become so commonplace that many Millennials attempt to brush off their debt as part of growing up. Hindering progress.

In many ways, that debt is actually part of growing up, but we millennials are viewing it as we view the trillions of $$$ the government owes in National Debt. We see debt as a big middle finger to the man and I’m still figuring that one out.

According to a report from Bank of America, more than 40% of millennials admitted being chronically worried about money. Of those who responded in the survey, 22% worry about having enough money just to last the week, while 30% worry about having enough money to finish out this month.

In all reality, what’s truly unfortunate about all of this is, is that factors out of our generation's control set us up for inevitable doom. Factors including, but not limited too, skyrocketing student loan debt, an unstable job market, and a volatile global economy that has begun its evolution into an ugly beast.

From childhood, millennials were told that they’d never go anywhere without a college education.

Sadly, “college education” comes at a steep price in modern times.

In the past three decades, the price of a college education has increased much faster than inflation in the United States. Not cool.

In the last 40 years, tuition at public universities has risen 250%, and majority of young adults just can’t seem to keep up. That’s where student loans magically come in. The total amount of student loan debt in the U.S. stands at approximately $1.23 trillion divided over more than 43 million students.

Holy. Shit. That means the average graduate for the class of 2016 will be graduating with more than $37,000 in student loan debt.

Unfortunately, the troubles don’t stop there. U.S. Census data shows that 40% of the United States unemployed are millennials…that’s 4.6 million young adults without work. Even more, the number of employed young adults making less than $25,000 a year has jumped it’s highest levels in more than 25 years.

Despite all this data, millennials have been dubbed “the cheapest generation”. Constantly blamed for the inevitable stagnation in the automobile and housing markets.

The cold hard truth is that Millennials want to buy white-picket-fence houses and shiny new cars, just like any other generation. We want to get married, have kids, and live the American Dream.

We simply can’t afford to at the moment.

Unfortunately, there’s another side to this generation that’s not as easy to talk about.

Mental Health Issues

The National Institute of Mental Health estimates that approximately 30% of 18 to 29 years olds suffer from an anxiety disorder.

Damn, that is no joke.

While most cases are the consequence of chronic high stress, anxiety disorders can also develop from biological factors…such factors include genetics, physical illness, external and internal injury, or brain chemistry. Other modern factors are also adding to the mental health veil being risen, most prominently are the problems with social media and technology, and their addictive power.

Often people with mental illness have a family history of mental health problems, but with the technology of today, new expectations have arisen through consistent and targeted messaging, marketing, and branding.

Expectations have been our undoing.

Leading to an entire generation not feeling good enough in their most precious and important developmental years.

Anxiety has often been stigmatized as the symptoms of a weak-minded person. A person who is inconvenienced by shitty thoughts, and often thought of as lazy or just too afraid to get over it. Which is total BS and the consequences of such disorders are surprisingly much farther-reaching.

Anxiety gets in the way of one’s professional career, a student’s academic success, a newlywed’s relationship, or even an athlete’s determination.

The mental anguish of anxiety can cause those who suffer to develop unhealthy coping mechanisms. People with anxiety disorders are more prone to develop eating disorders, engaging in self-harm, abusing both illegal and prescription drugs, or falling into obsessive-compulsive behavior patterns. Hence, millennial's current drug problems.

Solving these problems is, of course, far easier said than done. Medication, psychotherapy, meditation, etc. — these can all be used to manage anxiety and other mental illnesses on a personal level…but the real answer to all of these problems is yet to be discovered, unfortunately. I’m hopeful these “answers” are on the horizon and will be brought to all generations soon.

But, again, I’m a realist.

The issues surrounding the economy are nearly bullet-proof, the competitive job market is not slowing down by any means, and conforming tuition costs will take some vigilant and radical measures, along with a lot of compromises, both from the business world and suits in Washington D.C.

The mental health just seems to be getting worse in all cases, except for a few anomalies. So, yeah no happy ending to this article. Except for REALISM.

How about every generation takes a deep look in the mirror and understands our current standing in this odd and beautiful world. The good and the bad. Let’s band together not as millennials but as people and try to slow down and unite around these problems I’ve mentioned.

Cheers,

J. Robert Fallon III