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To hear most financial experts tell it, members of Generation Y are a coddled group of young adults who rely economically on Mom and Dad, routinely rack up big debts and don’t know the value of a dollar.

But are those perceptions really true?

A new study hints at a different portrait of 20- and 30-somethings, suggesting that Gen Yers – also known as Millenials – are far from totally clueless about money.

In fact, young Americans are two to three times more likely than their parents and grandparents to want to do things like save money, better manage their finances and set goals for the future, according to a survey called the Chase-Slate U.S. News Consumer Monitor.

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Young adults suffering through the Great Recession are having serious problems getting a handle on their spending, credit and debt woes, according to a new survey out from Western Union.

The survey, officially called the Western Union Global Payments Money Mindset Index, offers a great peek into the challenges currently facing the 18-to-34-year-old crowd, commonly known as the Millennial Generation, or Gen Y.

Among the study’s findings:

• Half of all Gen Yer’s surveyed report feeling increased stress about their financial obligations in the last six months, and more than 33% say their economic situation has worsened during that time.
• 35% have borrowed money from family members or friends.
• Nearly 30% say it’s hard for them to manage their spending.
• 27% of Gen Yer’s have been turned down for a loan or line of credit.
• 60% haven’t seen their credit scores in the past year, and 44% have never seen their scores.

Continue reading How to help Generation Y survive the Great Recession

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