Y is for Generation Y and Their Financial Frustrations.

 

Generation Y (also known as the Millennials) are those born between the mid-80’s and the mid-90’s. Their numbers are estimated to be as high as 70 million and they are the fasting growing segment in today’s workforce.

The reality for generation Y is an extremely challenging job market due to the current economy. Financially, they may find themselves failing in the labor market. This then affects their ability to save money, pay off loans and obtain goals such as buying their first home, getting married or having children.

All is not lost! Generation Y is young and has time on their side. They also have traits no other generation before them can claim. These traits give their generation potential for endless possibilities during their life time.

Here are a few common traits of Generation Y:

  • Technology Wise – they grew up using technology to perform tasks more efficiently. They are surrounded by technology and gadgets and enjoy using them. They are plugged-in 24/7 and their top choice of communication would be text messaging, e-mail and facebook – face to face contact is at the bottom of their list.
  • High Achievers – due to the nurturing and pampering of their parents they are confident, ambitious and achievement-oriented. They are not afraid to seek out new challenges or to question authority.
  • Guidance Seekers – they wish to be involved completely and will seek guidance, frequent praise and encouragement. This will allow this generation to benefit greatly from mentors as well as their peers.
  • Family Oriented – Generation Y has lost interest in the fast-track and are willing to trade high pay for fewer dollars, flexible schedules and a better work/life balance.
  • Team Players – most have been part of team sports or organized group activities during their childhood, which leads them to value teamwork and seek input and affirmation from others. They are loyal, committed and want to be involved.

The Generation Y population is incredibly sophisticated and can provide many attributes to society. They possess the potential to create a more solid financial future and are expected to start saving for retirement earlier then previous generations.

Way to Go Generation Y!

AZ Answers

About Ann Zuraw

Ann Zuraw, the voice behind "Chicks, Chat and Change", is a Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), and Certified Divorce Financial Analyst (CDFA™). If you have comments on this post contact Ann Zuraw

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