AHHH generation Y, we’re the generation who Uber to the gym and spend more on paying off credit accounts than we put into savings. Also known as millennials, we’re well educated although we’ll probably never finish paying off our student debts and we’re unlikely to afford a house at any point in our lives – most of my friends are still living with their parents in order to save for a mortgage (something I don’t understand how they can do without going insane!)
40% of the population are struggling with debt and 18% consider themselves to have ‘serious financial issues’ and the majority of these are from generation Y (18-30 year olds.)
But why are millennials struggling so much more financially than our parents? Are we just bad at budgeting or is the financial climate just a lot worse than it was when our parents grew up?
There is a clear and undeniable link between being in debt and feeling depressed or suicidal. The problem is, which is the cause and which is the effect? Those who are in debt are much more likely to be depressed and those who are depressed are more likely to rack up debts.
I honestly believe the reason that we are in so much debt is because we are the most depressed generation to exist. 1 in 3 Brits suffer from some sort of anxiety or depression and suicide is the most common cause of death for males aged between 18 and 35 – AND THAT IS FUCKED UP.
Now take it from somebody who has experienced suicidal thoughts, ideas and plans- if you are depressed enough that you want to take you own life, you are only thinking about the present. You are not thinking about what will happen six months or six years from now and you certainly aren’t concerned about your finances. Depression gives you a sense of disregard for your personal finances. Why does it matter if I’m £1000 overdrawn if I’m going to kill myself anyway?
I think to some extent, generation Y are depressed. As a whole, we are a miserable bunch. We won’t get a state pension or retire at a reasonable age and some of us are convinced the future is bleak as fuck. I don’t need to give any specific examples with this one; generation Y are the most depressed generation yet. Just google “most depressed generation” and ours is named in the title of almost every single article. Even if we’re not the most depressed generation just the most in debt then surely this is down to easy access of financial lending?
It’s easier than it’s ever ever been to borrow money. With credit accounts available online in a matter of minutes, it’s difficult to say no to borrowing. Look at places like Very.co.uk, Wonga.com and Paypal credit who release funds the same day as application. Short term, they propose very attractive deals on credit and offer interest free borrowing for a few months.
We are a generation of I WANT IT NOW I’M HAVING IT NOW kinda people. We’re impatient and would rather spend more money if something will be done quicker. Instead of saving for something we want, we find a way to get it instantly and pay for it much later. Probably because we’re not planning on being around much longer.
I am somebody who never saw a future for herself. I do now and I have to deal with the backlash of borrowing. Have you dealt with debt and depression? Join the discussion below…