Wake up call … Sophie Whitby and Amy King in Sydney yesterday. Source: The Daily Telegraph
GENERATION Y – the group that has never known financial hardship – has awoken to the rude realities of modern life.
Australian National Retailers Association research has found that Gen Y is running scared from the aftermath of the global crisis.
The survey of 1000 Australians found the generation once known for job-hopping was now more worried about hanging on to work. A third of 18-24 year olds felt their jobs were at risk in the current December half-year. Only 21 per cent of the general population were worried about their job security.
The lack of confidence also affected Gen Y’s spending, with 42 per cent of 18-24 year olds cutting back on dining out (compared to 29 per cent in the general population) and 32 per cent taking their own lunch to work (compared to 26 per cent generally).
The once big-spending Gen Y also appears to be shelling out much less on non-essential items such as iPods and seeing movies.
In a separate ANRA study last month – when 1000 women were asked how the imminent 0.25 per cent October rate rise would affect their budgets – 65 per cent of Gen Y females said they would cut back on entertainment expenses. This percentage was far higher than in any other age group.
ANRA boss Margy Osmond said there was now “an extreme level of caution” from the entitlement generation. “The global crisis has affected Gen Y in a very personal way. They know it’s a world phenomenon, but it feels like it’s happened to them personally, and they have no experience to judge it by,” she said.
Amy King, 23, a bank communications manager, said the global crisis taught her she was replaceable.
The crisis and the desire to buy a house had affected her spending habits: “I bring lunch to work now. I used to say: ‘$8 a day for lunch – no probs’.”
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Thanks for posting the Daily Telegraph article. It sums up what would have taken many opinion pieces in the SMH to cover.
Indeed, Generation Y are feeling the economic crunch as evident by prolonging their stay with parents for free lodging and meals instead of paying rental and eating out.
Perhaps hard times will toughen up the young, which may not be a bad thing.
http://oneworldtalk.freeforums.org/present-generation-s-high-expectations-t1458.html
How about Generation X who are probably worse off as they are caught by structural and cyclical unemployment.
http://oneworldtalk.freeforums.org/too-old-to-work-too-young-to-retire-ordeal-of-the-boomers-t2574.html
Surviving in affluent countries can be very costly once the regular income stream is cut. It would be difficult to maintain a good standard of living such as pay rent or mortage, transport, utilities, education, health and other insurance policies, levies and all the other essentials of modern living.