(From The USA Today -- By Christine Dugas)
They're called GENERATION Y -- teens and twentysomethings known stereotypically for their coddled upbringing, confidence, opinionated dialogue, free-spending habits and openness to change.
Ultimately, however, the more than 50 million members may be best remembered for whether they can overcome the dire financial straits that plague many of them.
Even before the recession, those in Generation Y -- the latest products of a get-it-now, pay-for-it-later mind-set that has permeated the nation's economy -- faced a range of financial pitfalls as they embraced expensive high-tech gadgets and added credit card debt onto student loans.
Now, stagnant wages, job insecurity, the decline in employer-sponsored health insurance and retirement benefits, the rapid increase in basic expenses, soaring debt and minimal savings have jeopardized the economic security of the entire generation, according to a recent report by DEMOS, a public policy research and advocacy think tank.
Their generation is the first in a century that is unlikely to end up better off financially than their parents, the Demos report said.
Generation Y Faces Some Steep Financial Hurdles