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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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