A mid-life crisis will cost people living in the West Midlands an average of £7,767.38 and is likely to start at the age of 43, according to new research commissioned by AAT (Association of Accounting Technicians). The cost of £7,767.38 in the West Midlands is just higher than the UK average of £7712.39, and the start of 43 years old is the same as the UK average of 43.
Other findings from the study include that:
· 43 per cent of over-40s in the West Midlands said they have had a midlife crisis, higher than the UK as a whole where 39 per cent of over-40s say they have had one.
· An urge to travel is the most costly aspect of a mid-life crisis, in the West Midlands costing an average of £1,490.80.
· The average mid-life crisis begins at the age of 43 years, and most respondents in Wales identified the years between 31 and 40 as having been the best of their lives.
Despite the costs, almost two thirds (62 per cent) of people in the West Midlands aged over 40 believe that a crisis can be a good thing, providing an opportunity to break away from scenarios that cause unhappiness, and a chance to set new goals.
The impact of mid-life crises on the workplace is significant too. 33 per cent of respondents from the West Midlands said that they think mid-life crises happen most to people who have been in the same career for too long, indicating that a change of career may be worth considering, regardless of age.
35 per cent of people in the West Midlands admitted to feeling “Sunday night dread”, where they fear what the week ahead at work may hold. Worryingly for managers who want to retain staff, 23 per cent said they definitely wouldn’t be working for the same company in 10 years’ time.
The most common way to tackle a mid-life crisis was a change of career, with 25 per cent switching employers after the age of 40.