The term ‘millennials’ refers to the roughly 85 million people reaching young adulthood in the early 21st century. This group has also been deemed ‘Generation Y’ and typically refers to those born in between the 1980s and 1990s. Millennials may often be viewed by sociality as a lazy and entitled group of individuals. Yet, it is estimated that approximately 1 in 5 millennials suffer from depression. Why is depression among this generation in America soaring?
One reason for this epidemic is supply and demand in the workforce. Millennials are the most educated generation in history. Unfortunately, the supply of educated millennials significantly exceeds the demand for workers. According to Forbes, the millennial unemployment rate rests at 12.8%, compared to the national average rate of 4.9%. Many that do find jobs, end up settling into low paying positions that don’t utilize their skills, or jobs that only offer part-time work.
Another factor contributing to depression amongst Generation Y is student loan debt. According to The New York Federal Reserve the total student loan debt is estimated to be over $1.3 trillion. Student loan debt in the U.S. is more than auto and credit card debt combined, only falling short of mortgage debt. The average student loan debt for a millennial is $30,000 while the average salary is less than $35,0000 annually. This may also be a contributing factor to why more than 30% of millennials are living back with their parents.
Growing up with technology on the rise and at their fingertips, millennials and are used to instant gratification. The explosion of social media created ways to filter their lives, and may not depict reality. Preoccupations with comparing each other’s lives can also lead to serious symptoms of depression.
If you or someone you love is struggling with depression and not happy with current treatment, ActivMed is currently enrolling in studies for those seeking new treatment options. Study participants who qualify are closely evaluated by a board-certified physician and research staff. Reimbursement is also available for travel in the form of travel stipends. To learn more and see how you or someone you love may qualify for a study, click HERE.
