Gen Y Financial Survey by Western Union

by News Guy on September 8, 2010

A new survey reveals a potential financial crisis for the more than 87+ million Americans age 18 to 34 (Gen Y). Just check out these results of the Western Union Global Payments Money Mindset Index survey, which detail:

  • Nearly 30 percent of Gen Y’ers report having difficulty in managing their spending, more than 20 percent wait longer to pay their bills, and 35 percent have borrowed money from friends or family members.
  • Half of Gen Y respondents reported feeling increased stress about financial obligations in the last six months.
  • More than one in three Gen Y’ers say their financial situation has worsened in the last six months.
  • Almost one in three (27 percent) of Gen Y survey participants have been turned down for a loan or line of credit.
  • Sixty percent of Gen Y’ers have not seen their credit score in the past year, and 44 percent have never seen their credit score.

Gen Y’s difficulties are in contrast to other survey respondents, many of whom are seeing positive changes in their financial situation, including less impact from economic challenges such as changes in credit card limits and increased interest rates, a declining need for spending cutbacks, and decreased shopping at “discount” retailers.

The Western Union survey also explains…

  • Where the silver lining is in the data for Gen Y, despite a difficult economy
  • Why Gen Y has an inherent foundation for strengthening their financial future
  • Technology Gen Y should leverage to be financially responsible
  • Budgets & bill payments: Four simple financial strategies – for any generation – to help stay “on track”
  • ix tips to improve one’s credit score

Survey Methodology

In May 2010, Javelin Research surveyed more than 3,000 consumers online about their current behaviors and emotional mindset regarding debt and personal finance issues. The Western Union Money Mindset Index has a margin of error of 1.8 percentage points.

About the Western Union Company

The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Custom House branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of more than 420,000 Agent locations in 200 countries and territories. In 2009, The Western Union Company completed 196 million consumer-to-consumer transactions worldwide, moving $71 billion of principal between consumers, and 415 million business payments. For more information, visit www.westernunion.com.

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