Spendthrift Generation Y: Screwed and Oblivious

Lost generation doesn't realize it's a loser
By Kevin Spak,  Newser Staff
Posted Apr 23, 2010 1:50 PM CDT
Spendthrift Generation Y: Screwed and Oblivious
Twenty-somethings don't seem to realize they're getting rained on.   (Shutterstock)

Economically, things are very, very bad for Generation Y, but the hipster cohort doesn't seem to have noticed. A whopping 37% of 18-to-29-year-olds are underemployed, the worst figure any age group has seen in over 30 years. Nearly 70% aren't building up a cash cushion, and they're drowning in credit card and student loan debt. They will likely be the first generation in 100 years to wind up worse off than their parents. Yet the generation seems blissfully unaware of its plight, USA Today reports.

Despite all those woes, 25% say they're spending more this year than last, compared to 18% of adults overall. “They are throwing caution to the wind and have a pretty optimistic outlook,” says a credit counseling executive. “Despite the problems they face, they tend to be upbeat,” says one Pew researcher, “which is typical of young adults.” But it'll be tough for them to turn things around; unemployment is “badly setting back their careers.” (More Millenial Generation stories.)

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