According to the Wikipedia ; "The 'quarterlife crisis' (QLC) is a term applied to the period of life immediately following the major changes of adolescence, usually ranging from ages 21 - 29"
Honestly, I never heard of the term before, but while reading the paper a few days ago, there is an article written by a "just-turned-25" author, and I must say it struck a chord with me. I didn;t realize that they have a name for it though.
Its true that most of life important decisions are (were) made as we reach 21. Where to have your "turning-21" party, who to invite, what dress to wear, what hair colour for highlight etc..etc....Kidding..although they are quite important you know..
I did start making those important decisions then too,..my first relationship (I was a late bloomer), first 11,720km stay from home (at Uni) and other "firsts".....;p (no drugs, mom)
And after graduation, I start making more important desicion, like moving out of home country to work, opening my retirement account, what is the best investment vehicle for my money,...
For some of my friends, they involve getting married and decide to have a baby or two....or starting their own business...scary indeed.
Looking back, I can see why its called "crisis", its definitely life defining,..as what you decide now will eventually effect your whole life,no more making a choice between red lollipop and spun sugar...this is the beginning of our adulthood, and we want to start it the best way we can; no more blaming someone else for the failure.
According to the experts, what makes quarter life crisis much harder than midlife crisis is the absence of financial means. But, that is part of life process, and we just have to tough it up, right mate?