Generation Y

To what extent it is possible to say that members of Generation Y in different countries are alike?

Introduction

Gen Y, also known as echo boomers and millennial generation, are those who ages 16 to 27. (Stephanie Armour, 2005). As living in a globally connected village, it is assumed that cross-border Gen Ys are developing a common youth culture, sharing similar values and behaviors (Nandani Lynton, Kurt April, 2012). Being the same generation, they also have similar wants. For the sake of proving whether Gen Ys are alike, this report delves into the values and behaviors of Hong Kong’s and America’s Gen Ys in terms of three main aspects, including money, work and relationship. Through an unbiased analysis, it is discovered that Gen Ys in Hong Kong and America are similar to a large extent, albeit different in education systems among them.

Money

Owing to the over-spending with credit cards, both Hong Kong’s and America’s Gen Ys are likely to be trapped in financial debts. As the culture of indulgent spending permeates the society, U.S Gen Y becomes financially irresponsible, living in a way that they are unable to afford. (Catherine Lovering, 2011) In Hong Kong, similarly, the global trend of consumerism, which glorifies the consumption of goods, paves the way for an unhealthy spending habit among Hong Kong’s Gen Y. Gen Ys in the U.S and Hong Kong, as a matter of fact, are self-indulgent, enjoying spending to gratify their desires. Nonetheless, they fail to manage their moneys and control their cravings for wants. To make things worse, they are accustomed to the use of credit cards to spend beyond their financial means. Without fully paying off their credit card amount periodically, this adversely causes them fall into the trap of accumulations of debts. For instance, Gen Y in U.S has a median credit-card of US$8,200. (Katie Bonds, 2010) As an outcome, U.S and Hong Kong’s Gen Ys get into troubles with money due to their misuse of credit cards for...