Depression peak among millennials falling into their pockets: spending on medication is expected to rise to $ 4,500 a year in the US and could even harm the economy
- Experts say millennials will spend an additional $ 4,500 annually on medicines
- They will start working earlier or become completely unemployed
- Warning was issued by Blue Cross Blue Shield Association in a large report
Experts have warned that a peak in the number of millennials suffering from chronic health problems could harm the US economy in the coming years.
They expect patients to spend an additional $ 4,500 (£ 3,516) on medication each year because the rates of depression, high blood pressure, and high cholesterol continue to rise.
This will cause them to have less income to pump back into the country, a report warned.
Millennials are also taking more time off because of their health problems, which will lead to higher unemployment rates and slower income growth, experts said.
A peak in the number of millennials suffering from depression could hamper the US economy in the coming years, experts have warned (file image)
The grim warning was issued on Wednesday by the Blue Cross Blue Shield Association (BCBS).
The BCBS consists of 36 healthcare companies and offers coverage for one in three Americans.
The report showed that the number of depression among millennials increased by only a third (31 percent) in just three years, from 2014 to 2017.
The number of people with ADHD rose by 29 percent at the time, while high blood pressure had risen by 16 percent and cholesterol by 12 percent.
US is among the WORST for life expectancy improvements in 22 rich countries
Improving life expectancy has come to a halt in the US worse than most other rich countries, research shows.
Experts say the 2008 financial crash may have fueled the trend, along with the current opioid epidemic that has ravaged the nation.
Since 2011, average life expectancy in the US has improved by only two and a half weeks for an American man and two months for a woman.
Only one country, Iceland, showed a smaller gain in life expectancy for men. The US was among the bottom five for women, before only Canada, England and Wales and Iceland.
It means that today the average boy born in the US will live until they are just over 76 and a girl turns around 81.
The worrying findings were revealed in the first international study to compare life expectancy and death rates from 1970 to 2016 in 22 rich countries.
These include Australia, New Zealand, Canada, Japan, and countries in Western Europe, including France, Italy, and Switzerland.
The researchers believe that life expectancy in the US has come to a halt, partly due to the financial crash of 2008.
They also point to the ongoing opioid epidemic that kills around 70,000 lives a year.
Analysts did not predict exactly what it would mean for the economy, but they estimate that millennials could cost an additional $ 4,500 a year in healthcare.
If it is true, the average millennial wage in 2027 would be reduced from $ 39,617 to $ 35,098.
According to the report, in the worst-case scenario, millennial health care costs could rise by 33 percent.
If the trend continues and nothing changes, there could be an increase of more than 40 percent in mortality rates, the experts claimed.
There are approximately 73 million millennials – those born between 1981 and 1996 – in the US.
The generation is known as technologically skilled, has spent adolescence and, now, young adulthood surrounded by modern gadgets.
They are expected to become the largest generation as more baby bloomers – born between 1946 and 1964 – die out.
Mark Zandi, chief economist for Moody & # 39; s Analytics, who drafted the report using BCBS data, claimed that the 2008 financial collapse had a knock-on effect on millennials' health problems.
He said that entering the workforce in the midst of the crisis and the excessive student loans have put more strain on the generation.
Although the report focused solely on chronic health problems, other research has raised concerns about various aspects of millennial health.
Deaths from drug use and suicide rates have also risen since 2014.
47,173 suicides were registered in 2017, compared to 42,773 in 2014, according to the CDC's National Center for Health Statistics.
The ongoing opioid epidemic now kills around 70,000 lives a year – an increase of 28,000 in 2014.
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