How to help Generation Y survive the Great Recession

Lynette Khalfani-Cox portrait
Lynette Khalfani-Cox portrait

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.