Gen Y Feeling Financial Pressure, Survey Says
A recent Western Union survey finds that Gen Y is experiencing financial stress and
difficulty in obtaining credit.
According to the survey, over the last six months, half of Gen Y respondents reported feeling increased stress about financial obligations and more than one in three said their financial situation has worsened.
In addition, some 27% of survey participants have been turned down for a loan or line of credit and 60% have not seen their credit score in the past year. Forty-four percent reported they've never seen their credit score.
According to Western Union Senior Vice President David Shapiro, there is a silver lining-Gen Y is engaging in money-saving behaviors aided by the use of web-based programs and budgeting tools such as online bill pay to manage their budget and credit standing.