According to a recent Western Union survey, Gen Y spends the most money on leisureactivities and has more bills piled up than does any otherdemographic.
|The latest Western Union Payments Money Mindset Index surveyfound Gen Y outspends all other age groups in leisure categories,which include hobbies, electronics, video games, DVDs, CDs,downloadable music and film, recreation and tickets to movies,sporting events and shows.
|Additionally, 22% of Gen Y survey respondents recently addedmore bills than other demographics did, and 20% of Gen Yrespondents used an urgent or same-day bill payment service in thepast six months, Western Union said.
|The survey also revealed new consumer trends in student loan debt and real estate. Among the student loan debtfindings, 35% of consumers have $1,000 or more in student loandebt, about one in four graduating students with student loan debtwill move home after graduation, 12% of students believe they maynot graduate due to how much they owe and 21% of students saidstudent loan debt has led to suffering grades.
|The survey's real estate-related findings state that 47% of GenY members plan to buy a home in the next five years (10%anticipates making a purchase in the next 12 months), while only29% of the overall population plans to do so.
|Additionally, 64% of consumers are homeowners compared to 2011's65%, 40% of homeowners believe the housing market will remainstable this year and 35% of homeowners think the economy willimprove in 2012, Western Union said.
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