Millennials, Bridge Millennials Increasingly Prioritize Mental Health Through Teletherapy

Economic stressors could be driving both age cohorts’ use of online platforms to access wellness professionals.

Even in the best of times, the world can be tough to navigate. And that’s without the many possible financial stumbling blocks that may arise, some of which can be out of a consumer’s control. These include unexpected life events leading to credit insecurity, such as losing work due to rounds of mass layoffs.

No wonder some consumers are seeking professional help for possibly these and other stressors. As detailed in proprietary research created for PYMNTS’ May “ConnectedEconomy Monthly Report,” the use of teletherapy platforms grew year-over-year for millennials and bridge millennials, even though it decreased for all other demographics.

(The accompanying chart does not take into account consumers who may be accessing therapy through in-person sessions. As there were restrictions still in place across some parts of the country during the previous year, some of the decreases among other demographics may be attributed to that shift back.)

When it comes to millennials and bridge millennials, however, there is clearly increased engagement of telehealth platforms, with millennial use increasing 8% year-over-year and bridge millennial use rising 15% during the same period. This growth adds on to these age cohorts’ 58% and 56% respective average participation, which already leads other demographics.

Increased engagement by millennials and bridge millennials with telehealth platforms may hint at both demographics’ commitment to personal wellness. These groups are facing personal finance challenges, include losing an average 6.5% spending power as student loans get set to resume. This is on top of their paycheck-to-paycheck lifestyle leading 40% of millennials turning to side hustles to pay bills, and some are leaning on installment plans for grocery shopping.

At a time when millennials are eating out less to avoid rising menu prices, it may be commendable that these groups are finding room in their budgets for therapy sessions. Even in-network providers on private insurance plans often require some sort of co-pay, meaning other spend may fall by the wayside for consumers counting their pennies.

Mental health is important, especially in more chaotic times, and that these generations are able to prioritize therapy over short-term satisfactions may demonstrate a long-view perspective and commitment to future goals and wellness.