Tech-savvy generation feeling financial stress

Members of Generation Y may be having a harder time bolstering their savings accounts, according to a recent survey.

Western Union noted that almost 30 percent of people age 18 to 34 said they have had trouble managing their spending, while more than 20 percent said they have had to seek out loans from their friends or family.

The last six months have seen roughly half of this age group saying they have felt financial stress.

Furthermore, this group also reported they are having a hard time gaining access to loans and credit, as 27 percent said they have been refused after applying.

However, David Shapiro, Western Union senior vice president, said the Gen Y population is focusing on financial habits that could put them in better shape in the future. He also said their savvy for technology could help them manage budgets and credit.

"Factor in their high comfort level with web-based programs and budgeting tools, and Gen Y has a solid foundation for getting their finances back on track," Shapiro said.

Even with the end of the recession, many consumers have had a harder time finding access to credit, such as credit cards and home loans, as lenders have become more careful.

Posted in: Banking, Credit Cards, Loans

Banking News: This article was published on 8-12-2010 at 9:28 am.

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