Generation Y and Finance

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Generation Y and Finance

Generation Y is arguably the most learned of all other generation (Hibbert, 2004); however, laziness is attributed most to this generation and that is why it is said to be most broke.  For example, a master’s degree holder and in a well paying job finds himself or herself out of control in terms of personal finances.  It is argued that more than 85% of those who are between the ages of 20 to 30 have higher education; at least high school diplomas.  However, this group is arguably the most lazy as it does not know how to handle its debts and other personal finances.  College students are affected in the management of their debts. They often turn to their parents for the solution of their problems (Palmer, 2001).  This research proposal analyses the issues that are affecting the youths in the generation Y especially in matters of finances, and how these persons often find themselves in huge debts that they are unable to repay.  Despite being most educated, generation Y is most broke, and mostly, this is attributed not to being inefficient when it comes to the management of finance as they have acquired enough knowledge for this; but they are lazy; and that is why this generation finds itself being most broke and in huge debts.

Research problem

It is true that often a youth of the years ranging from 20 to 30 find him/her in huge debts while his or her credit card reads huge amount of money.  It is also true that at times the generation Y does not have solid plans in the management of their finances as well as their debts.  Most often, a youth would always claim that he or she does not have enough; and not that his or her income is below par but because he or she overspends or spends beyond his or her limit.  However, the biggest problem with people of this range is that they are lazy and do not know of how to use their finances; or essentially, they are not keen in finding out the best way of managing what they have accumulated.  Bakewell (2003) is of the view that women are most affected by the environmental factors when it comes to management of their finances.

Research questions

  1. How much does your credit card have and what is your repayment period?
  2. What are the arrangements that you have placed in terms of your financial future?
  3. Do you know of your financial status, financial statement, the debts you have accumulated and the general income that you have?
  4. What plans have you put in managing your incomes?

Research methodology

Collection of data

This research study focuses on how generation Y has failed to manage their finances and how they are most in debt in terms of their credit cards; and mostly, the research focuses on those aged between 18-30 years.  As well, the most targeted are those in colleges either those in colleges either as high school diploma students, university undergraduates and those in other institutions of higher learning.  However, those who have just come out of school would as well be focused and this is because they are capable of providing information on how they have made to repay their university or college loans and how generally their credit cards looks like.

1000 youths would be handed some questionnaires to fill with questions ranging from how they manage to repay their college loans and generally how they manage their finances.  A total of 1000 questionnaire forms would be generated and distributed to the participants and the use of questions is most applicable because the students would not shy off from putting in their information as opposed to other forms like interviews.  However, a case study would be chosen from online surveys of anybody who may be interested in answering questions relating to the management of finances for the youths.  Some telephone surveys would be done and the choosing of an individual for the telephone survey would depend on how well a person is versed with matters of finances and whether a person is acquainted with matters that face the generation Y or the generation that has just come from school or is still in school.

Experimental design

Mostly, the design to be used in this would be quantitative; however, some qualitative information would be gotten from the online sources about the management of finances by generation Y.  As well, there would be a mock research that would be carried on 5 individuals where, these individuals would be given some questions to answer and evaluate how well this research would go.  The carrying of the mock research would be impromptu; that is, the persons would not be informed prior to the research and they would just be confronted nicely, told of what is going on and asked for their voluntary services to answer some of the questions.  The choosing of these individuals for mock research as well as the real research would be random.


Bakewell, C. (2003). Generation Y female consumer decision-making styles. International Journal of Retail & Distribution Management, 31 (2), 95-106

Hibbert, J. (2004). Financial prudence and next generation financial strain. Association for Financial Counseling and Planning Education. 15(2), 51-59.

Palmer, T. (spring, 2001). College students’ credit card debt and the role of parental involvement: implications for public policy. Journal of Public Policy & Marketing, 20(1), 105-113




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