If you have children under the age of 25, you can’t seem to wonder whether they may be the first generation in decades to have less than what we have.  Growing up in my teenage years in the 70’s and 80’s, my family did not have much money but yet I always had a job and pretty much bought anything that I wanted with the money I earned from student part time jobs.  I bought a car at 17, paid for my own insurance, and could take my girl friend out (I paid) whenever I wanted to.  I never really had to worry about money when I was a teenager.  Besides a roof over my head and food on the table in my teenage years I was self supportive for just about everything else.  I paid for most of my college education.  At age 23 got married, bought a townhouse, and went on vacations to the Caribbean with friends.  I wasn’t alone.  Most of my friends did the same thing.

Why then do our children have such a tough time becoming financially independent and taking steps to increase the standard of living over their parents?  Is it the economy, our parental teachings or a change in attitude?  This Generation Y are described to be peer oriented due to  Facebook, texting and other instant communication technologies and seek instant gratification. 

This generation is facing higher costs for college and housing costs.  Even though the housing building market for single family homes is down construction for multifamily (apartments) are up.  This is an indication that Gen Y is more comfortable with renting rather than buying.  Generation Y is more racially diverse, then are more likely to switch jobs or careers, about 1/3 depend on family financial support, only 58% pay their bills on time, 60% cashed out their 401(k) plans, and they more likely to wait longer to get married if at all.

Generation Y have different priorities than the Baby Boomers.  That doesn’t mean we failed as the older generation.   The line between work and social life is blurred for Gen Y’s.  They like working with their friends.  They want to spend their time in meaningful ways.  Entrepreneurship is experimented with more frequently.  They are young and smart, wear flip-flops to work and listen to iPods at their desk.  They are high performers without high time spent at work.  They are used to questioning their parents so they are now questioning their employers.  Not necessarily a bad thing.