Pew Study Shows Gen Y Detached From Economic Reality

Despite the economic reality of an impending U.S. financial collapse, 76% of young adults between the ages 18 to 29 believe their personal financial situation will improve over the course of the next year, according to a recent Pew Research study. Adults under age 30 are more likely than those ages 30-64 to say they are very confident about getting through retirement with ease.

This overly optimistic attitude prevails even as four-in-ten between the ages 18 to 29 have cut back spending on alcohol or cigarettes, and a third report having changed to a less expensive cell phone plan or cancelled their service altogether. In Britain, the unemployment rate among adults ages 18 to 24 is 20% and climbing.

Additionally, the Pew study says one-in-five young adults in this age group have either moved in with a friend or relative or have had a friend or relative move in with them because of the recession. If the figures in this study are even close to being correct, Generation Y has a big surprise coming to them.

Many young adults have demonstrated remarkable independence and resourcefulness during this recession. USA Today sites an increase in sign ups for the entrepreneurial programs offered by youth-oriented groups such as Junior Achievement and the National Foundation for Teaching Entrepreneurship.

"Kids are actively considering starting their own businesses," says Junior Achievement USA President Jack Kosakowski. "It might be out of necessity, since there aren't a lot of jobs out there. But they're also seeing parents and other adults that have been loyal to companies for years ... getting laid off, so these kids might be thinking, 'Hey, I might be better off being my own boss.' "

But the long slide down to nowhere is just beginning, and this pierced tongued, tattoo generation will be hit the hardest. Worth noting is almost all of the "Y"ers I've worked with are extremely intelligent and have an unusually heightened sense of awareness -- but their keen perceptions are soulless and efficiency driven. It's almost as if they have a secretly shared, collective mantra inspired by corporate dogma: the 21st century God. As Kunstler says, the tattoos are a sign of how deeply insecure we are as a nation, and a form of "non-conformist-just-like-you' consumerism".

I look on with much curiosity to see how the most consumer worshipping generation on Earth yet will react to the inability to consume. Will they rise to the occasion as some of their brethren have, or turn to stone -- shiny lifeless pebbles only to be used as fodder for the next world dictator. We'll find out when Apple sales go south.