Recession makes Gen Y more conservative
Many young workers say the economic crisis has made their generation more conservative, which is reflected in not only their financial decisions, but has also made them less inclined to "job hop" and more likely to seek to stick with their current employer until retirement.
Those are some key findings from a survey from Fidelity Investments, the Boston mutual funds giant. The survey looked at the attitudes and behaviors of more than 1,000 employed Americans between the ages of 22 and 33, said Fidelity, which referred to that age group as Gen Y.
In a press release, Fidelity said: "Over 70 percent (of those surveyed) are very concerned about their finances and have set the goal of daily money management and budgeting as their biggest focus. Most Gen Y individuals are using mobile technology to stay updated on their cash flow situations with 64 percent reporting that they typically check their balances online before making a purchase of $300 or more. On average, this younger generation holds over three credit cards with one fifth (20 percent) carrying a balance greater than $10,000 and one in four (25 percent) believing they will never be free of credit card debt during their lifespan."
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