Generation Y : A Whole New Reality

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Generation Y, of which I am a part, is faced with a whole new reality in today’s world with regard to the increased cost of housing and tuition for example. Also, we face the increased cost of tuition, and face difficulty when trying to find and maintain a job after completing post-secondary education. “We find that because of the difficulties facing millennial [generation y], they are delaying these important life decisions, like getting married, buying a home, starting a family” (Goodman, L., 2015, para. 8). Generation y is loosely defined as the group of kids in their early teens to young adults (Miedema, 2012). Another reason my generation is struggling with finances is because of the increased cost of buying a home. The price of…show more content…
“The total Canada Student Loans debt surpassed $13 billion in January of this year, and continues to rise at a rate of $1.2 million per day” (Spiridon, A., 2009, p. 202). Repaying school debt has been reported to be difficult for students. It takes students years to pay off massive student loans, and trying to do so while struggling to find a job can cause serious problems. Huge student debt can be crippling to a young adult trying to get their life started. Not only are they struggling to purchase a home, but they are also delayed in starting a family because of their financial situation. Having a family costs a lot of money that just simply isn’t there. In addition, roughly 30 percent of millennial’s claim to spend money impulsively, on top of not having any savings (Alini, 2010). It is unclear whether the increased prices in housing and tuition are the main cause of this generation not being able to build their savings, but it’s continued rising is sure to be a consistent factor in their lack of ability to. Millennial’s are the first generation to need to attend post-secondary school in order to even be considered for a job. “Finances are a major concern for families today compared with the past. Having spent years of costly schooling, young adults find education loans must be repaid, only to find the value of that education diminished” (Miedema, 2012 p#).

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