Managing Finances

Generation Y is growing up, becoming conservative with finances and employment

Generation Y has been long heralded as a carefree and rather irresponsible generation; however, results of a Fidelity Investments study might change that perception.

The study, released on Tuesday, illustrates that Generation Y is growing up. And, Gen Y’ers are more conservative than they thought, particularly when it comes to their finances and employment decisions.

While the word “conservative” is considered by many Gen Y’ers to be one of the four-letter variety, Fidelity Investments found that 41 percent of young adults said the economic crisis has made their generation more conservative. They are now looking for stability and acting responsibly.

Consistent with the 2008 Fidelity Investments Generation Y study, 75 percent of Gen Y’ers say a work-life balance is the most important factor in determining career choices; but this year, they are placing a bigger emphasis on employer benefits. Sixty-two percent say the benefit package quality impacts their choice of employers and 64 percent say it impacts their job loyalty.

Three out of four Gen Y’ers are secure in their current jobs, but over 70 percent are very concerned about their finances and have made daily money management and budgeting their biggest focus this year. The study found that 64 percent check their account balances online before making purchases of $300 or more. Many use their mobile phones to keep abreast of their cash flow.

Click here to read the full story.

Story courtesy Sharalyn Hartwell, of the Generation Y Examiner.

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