Generation Y is in the unenviable position of "coming of age" at a time when a Great Boom has come to an end.
Their parents and Grand-parents came of age in the period from 1948 to 2002. During this period, work was plentiful, housing was affordable, Western Governments collected serious amounts of money through historically-high levels of taxation and used it to raise the standard of living in their countries. They bled resources from the Third-world and used them to inflate the expectations of their citizens. Also during this period, women were able to extend their careers and work throughout their lives, leading to the relatively-new phenomenon of two-income families. A vibrant and burgeoning Middle-class grew out of these conditions.
Two-income Western families can afford to consume a hell of a lot and they do, simply because they can. The Gen-Yers referred to in the article were born into these families. They grow up enjoying a standard of living which they can't afford to match in adult life. For them, work is less secure and housing is less affordable. At the same time, their tastes are more sophisticated and their society is more consumer-oriented.
Our parents only went into debt to buy their home. Our generation extended debt to buy a home, renovate it and buy cars. Gen Y see debt as a necessity of life, using it for overseas holidays and technology consumer items. Our parents were in the same jobs for 40 years, making widgets in and assembly-line. Our generation has had careers, changing jobs when we wanted to, generally offering well-paid services. Gen Y see work as optional, just as work sees them as optional. They see renting as a viable alternative because it allows them to continue to live beyond their means. Why lock yourself into a mortgage and give up $10 designer beers which are much more fun?
The best advice we can give Gen Y is to lose the expectation of entitlement and go out and create their own corner of the world because no-one else will do it for them.
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