Amazingly enough, Generation Y tops any other age group in saving: 44% versus 36% of the general population, Money Management International found in its Financial Literacy Survey.
This is surprising, MMI noted, since Gen Y has been characterized as having a sense of entitlement, casual attitude toward work and authority, yet high opinions of themselves. To some degree, there are tensions between Gen Y and Gen X and Baby Boomers, who have a hard time managing and retaining them as employees.
Regardless, as MMI puts it, Gen Y exudes some admirable characteristics that are helping them navigate the current economic climate [because they are] educated and technologically savvy. Thirty-three percent believe it is their own responsibility to become financially savvy.
Gen Y is also optimistic in the face of adversity; they tend to see a silver lining in adverse events, including the current recession.
Even in these tough economic times, remember to pay yourself first, reminded Cate Williams, vice president of financial literacy at MMI. Looking at your savings account as another bill that must be paid, may feel overwhelming when the bills are piling up, but youll be pleased with your decision if an emergency were to occurafter all, having a savings cushion could prevent a financial setback from becoming a financial disaster.