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Young Adulthood Is No Longer One of Life’s Happiest Times
(www.scientificamerican.com)
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The problem is global and started in 2014. Student debt isn't an issue in many countries.
Social media seems like the most obvious one to me, if you look at popularity graphs of the various sites it seems to line up pretty well.
Gen Z and A even have a term for it - "brain rot". If you go down that rabbit hole of memes, it becomes obvious there's a lot of self-doubt, confusion and angst among that generation, with weirdo influencers impacting their thinking in fairly deep ways.
Why do you think it started that late? I'm pretty sure it started well before then.
It's mentioned in the article.