Gen Y's are Coming - Soon!
NATSEM realeased a new report on Generation Y in August. Gen Ys are defined by NATSEM as born between 1976 and 1991 (now aged 26 to 31). Once thought to be frivolous, over protected and a generation in search of instant gratification, a more serious side is emerging. Gen Ys are delaying decisions on children and home ownership with only 16 per cent with children compared to 21 per cent of Gen Xs at same age in 1989. Only 24 per cent have managed to save more than $10,000 for a home deposit so far. Home purchase is also down to 38 per cent of Gen Ys compared to 47 per cent of Gen Xs at the same age. But they have long term abitions which will eventually become realised. The report can be found at http://www.canberra.edu.au/centres/natsem/publications
Thirty five per cent of Gen Ys believe having children is important to them today but this jumps to 77 per cent when asked if it will be important when they are 35. Most want to buy a house by age 30 but 67 per cent are worried about achieving this dream. Governments and businesses need to start to factor in the implications of these strong long term intentions and the increased economic demand when they get into implementation mood.
Gen Y women are better qualified then Gen Y men – with 46 per cent having post-school qualifications compared to 42 per cent of male Gen Ys. However, the gender wage gap is still a concern for Gen Y. The report shows that Gen Y women, who are working the same hours and in the same broad occupational group as their male counterparts, are earning between $34 and $135 per week less than Gen Y men.
Posted Sunday, 26 August 2007
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