How Well Do You Know Generation Y?

40% of teens are working for their money during the school year and this number only increases during the summer months to about 59% of teens holding full or part-time jobs. This makes them much more frugal about where and how they spend it. Gen Y are savvy shoppers and unlike the common perceptions, they are not impulse shoppers they will look around for the best deals they can find.

Gen Y as a whole, spends an average of 17+ hours/week on the internet which is 6 times the national average. They have the computer on and near them ALL THE TIME, although they might be doing multiple things (i.e. listening to music, watching tv, doing homework) at the same time.

83% of Gen Y uses text messaging as their primary communication tool with family and friends – sending well over 100 messages per week. Gen Y prefers text messaging to phone calls because they can multi-task while communicating and find it easier (and quicker) to carry on more than one conversation at a time.

You probably thought it was a cell phone, but Gen Y is more connected to their computers because they can do the same activities plus so much more (chat with friends, surf the internet, watch online videos, email, listen to music, social networking, research, etc). The computer has become the new status symbol among Gen Y, they bring them everywhere.

Meal time is sacred to Gen Y. They are a community focused generation and they prefer to take meals with groups of friends and family in casual/communal places where it is really more about the conversation then the actual eating.

Although over half of all families in the U.S. have divorced parents, there is more time spent with their children than those of the previous generation. The parents of Generation Y view the child as the center of the family. Unlike Generation X that came before them, these children are not left to make key decisions on their own; the parents of Generation Y are very hands-on. Parents are involved in the daily lives and decisions of Gen Y. Their parents helped them plan their achievements, took part in their activities, and showed strong beliefs in their child’s worth.

Unlike the generations before them who invested their money and saw great return (Boomers in real estate and Gen X in the stock market) Gen Y does not see investment as a wise decision.

They have been brought up having all things handed to them and are not good with money management or budgeting. They would prefer to spend their money on life experiences. They often end up delaying financial independence until later in life, because they know their parents are behind them and they rely on them for personal and financial support.

57% of students will move home after graduating. The economy and college attendance rates have created competition for top schools and top jobs and many Gen Y'ers are finding themselves back at home after college and finding that their parents are happy to have them there.

Of course money is important! However, Gen Y does not site it as number one. Gen Y wants good inter-office relationships and the opportunity to grow.

They thrive on recognition (as they are often called the Trophy Generation). Gen Y has been over indulged, over protected and over supervised their entire lives. They are not like Gen Xers who were forced to be independent.

Many employers (baby boomers) are having a hard time managing and retaining Gen Y employees because of this fundamental difference in perspective. While the average number of jobs in a liftetime is about 6-7, it is considered common and natural for Gen Y to hold double that within their lifetime.

They want a work-life balance that affords them to spend their time in meaningful ways.