"Generation Y" Are They The New Depression Generation?

Generation Y: the new depression generation?

 A thought provoking article: By Alina Selyukh

Are you one of the 18 to 30-year olds known as generation Y?  Educated and successful yet having difficulty with your financial thermostat?  Or have you found yourself in the following predicament?

NEW YORK (Reuters) - In college, Matthew Bergh was ahead of the curve, working part-time at a local Starbucks and setting aside a few thousand dollars a year to do what his parents taught him to do -- invest.

In 2008 the markets crashed and the recession interrupted his financial dreams. "As of right now, I can't invest," Bergh said. "I'm saving."

Eighteen- to 30-year olds, known as "Generation Y," have taken a more conservative approach to managing their money -- stashing it in a savings account or under the proverbial mattress.

This generation of investors came of age during a succession of economic earthquakes. They witnessed the dot-com implosion of 2000 and the more recent onslaught of plunging housing prices, the credit crisis, recession, double-digit unemployment and an annihilation of investor wealth.

"The younger generation has not seen a good stock market over their adulthood," said Gordon Fowler, chief executive of Glenmede, a Philadelphia-based wealth manager for rich people. "That had to have some impact on the psychology of younger investors."

Bergh, 22, started looking for a job in January, and sent out more than 200 applications. After graduating in May, he did what thousands of young Americans have been forced to do: he moved back in with his parents and took an internship with Microsoft Corp.

His job search continues.  Among his other ways to conserve cash, he has postponed his investments.

Leslie Barrie, a 26-year-old journalist in New York, followed a similar path. After graduating from college in California, she moved in with her parents and pursued low-paying internships before she went to graduate school.

"I try to save as much as possible," Barrie said. She wants to invest for her retirement, but the markets have discouraged her from doing anything other than keeping a savings account.

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