Why Gen Y are the most money-hungry generation

news.com.au, 9/11/2007

GEN Y workers are more career-focused and ambitious than any other
generation, but they are also the most money-hungry, according to a job
survey.

But HECS debts, a lack of affordable housing and the rising cost of living
because of the drought and high petrol prices are the driving force behind
their desire for cash, the report by employment website SEEK found.

Of the 5000 Australian employees polled in the website's annual satisfaction
and motivation survey, 30 per cent were identified as Gen Y - aged 18 to 26.

Gen Y are more motivated by money than previous generation and mostly work
to pay for their lifestyles, the study found.

Almost one-third said money was their main motivator, compared with 15 per
cent of Gen X respondents and 9 per cent of Baby Boomers.

As a result, many said they would readily leave their employer for better
money or career possibilities.

Generation Y have the itchiest feet out of all the generations, with 73 per
cent of respondents saying they intended to leave their current employer in
less than a year.

Almost four out of five Gen Y-ers surveyed said more money would keep them
in their current job.

But the younger generation could be justified in their money lust, with the
results showing money may buy happiness.

The most unsatisfied were those in the $30,000 to $49,000 salary bracket,
where most entry level or graduate professional salaries start, with half
saying they were unhappy in their jobs.

The happiest were those being paid more than $150,000 a year.

The study also found Australia's happiest employees work in HR and
recruitment, in government or defence jobs and in the community and sport
sector.

Employees in the real estate, insurance and superannuation sectors were the
country's unhappiest.

But Gen Y employees shouldn't be criticised for their money lust because
they are trying to develop their financial independence against tough odds,
SEEK spokesman Joe Powell said.

"Many believe that Generation Y is likely to be the first generation in
history to be financially worse off than their parents and for many in this
group that's got to be a scary prospect," he said.