Jim Liebelt's Youth Culture Watch

Generation Y: Huge Debt, No Savings

They're called "Generation Y" — teens and twentysomethings known stereotypically for their coddled upbringing, confidence, opinionated dialogue, free-spending habits and openness to change.

Ultimately, however, the more than 50 million members may be best remembered for whether they can overcome the dire financial straits that plague many of them.

Even before the recession, those in Generation Y — the latest products of a get-it-now, pay-for-it-later mind-set that has permeated the nation's economy — faced a range of financial pitfalls as they embraced expensive high-tech gadgets and added credit card debt onto student loans.

Now, stagnant wages, job insecurity, the decline in employer-sponsored health insurance and retirement benefits, the rapid increase in basic expenses, soaring debt and minimal savings have jeopardized the economic security of the entire generation, according to a recent report by Demos, a public policy research and advocacy think tank.

Their generation is the first in a century that is unlikely to end up better off financially than their parents, the Demos report said.

"The recession has hit them hard," says Jose Garcia, associate director of policy and research at Demos, based in New York. "It affects their income potential, their saving potential and their career-ladder potential."

Kristen Ammerman, 21, a senior at Michigan State University, faces such challenges and sees her Gen Y classmates struggling with financial issues — while seemingly oblivious to the potential consequences.

"I work at a part-time job, have incredible debt and get food stamps," she says. "I'm still short on rent every month. ... My friends all want the newest and best things. They spend money on them any chance they get."

No standard definition for Generation Y exists, but analysts generally classify anyone born from the 1980s to 2000 as members. Demographers also call them the Millennial Generation.

Source: USA Today
http://www.usatoday.com/money/economy/2010-04-23-1Ageny23_CV_N.htm

Is Texting Good For Teens? The Jury Is Out, But Does It Matter?

Rounding up the bits and pieces running through my brain this morning regarding texting...

• Nielsen reported in June that in the first quarter of '09, teens on average send/receive 2,900 texts a month, up from 2,272 in the fourth quarter of '08. That's a 28% increase in texting in just 3 months.

• I've seen articles that have warned that the advent of texting, with it's abbreviations (OMG) and word substitutions (gr8), is the harbinger of the end of the English language as we've known it.

• Now, some educators are saying that texting can be good for teens in terms of language development. Initial research indicated that when it comes to informal essays, kids who use some text-speak outperform kids who don't. When it comes to formal essays, (perhaps obviously) texting can hurt performance.

• I'm thinking the jury is still out on whether texting will end up being good or bad for teens, and that we won't know the ultimate answer for a very long time.

• My question is, does it really matter one way or the other?

• Language changes. We don't speak the King's English anymore, although there are some who still cling to the King James Bible. I've heard my share of KJV-laced prayers in church ("We beseech thee, oh Lord") but not nearly as much these days.

• There will be plenty of English purists who stand watch and will be sure to warn along the way. Even so, will it matter?

• I'm confident kids will still be learning proper English in schools for the immediate future.

• I won't be surprised, however, if things change over time. Look at how learning the skill of handwriting has disappeared in school curriculum over the years.

• Today's teenagers are going to text. You might not like that fact, but if it's a button-pusher for you, you're going to have to get over it. Texting won't be going away anytime soon. There might be something else beyond texting as technologies continue to develop, but for now texting is a primary mode of communication.

• Back when my generation was moving through adolescence, I don't remember that writing notes to friends (other than when we were in a class) was popular. We primarily communicated in person or by phone. Were the adults of that time concerned because we had lost the art of note or letter writing? Perhaps there were some. Were adults concerned about our casual verbal communication when they overheard our conversations? Has it made a difference in our lives today? Were we negatively impacted by the lack of writing as a form of communication to our peers? Can anyone now provide a qualitative answer? Does anyone care? (I don't lose any sleep over this.)

• So now, kids are writing to communicate with their peers and adults at an impressively increasing rate. For language purists, it might be not be writing in the mode they would desire, but does it matter?

• When teens text they have to think about language. They have to express their thoughts. That cannot be all bad.

• If today's teens are still texting well into their adult years, the English language might just look different than it does today. But, at least they'll know the language and I'm thinking that they'll be able to communicate successfully.

Verily verily, I say unto thee.

Report: Big Media Going 'Virtual' for Kids

A host of big media companies and entrepreneurs are flocking to the kids space to create new virtual worlds aimed at the 18-and-under crowd.

That’s according to a new report issued by the industry trade organization Virtual Worlds Management, which says that there are more than 100 virtual worlds targeted at kids and or teens which are either live or in development. Within that group, the majority of new worlds worlds are aimed at 'tweens (kids in the 8-12 year old range) - as 65 such worlds are have either launched or are in the works.

While the adult-aimed Second Life has garnered the majority of hype in the still nascent virtual world arena, developers are likely seeing the fast growing audience numbers for kids worlds, as well as the high price tags being commanded by successful startups. For example, last summer, Disney acquired the kids-targeted Club Penguin for an estimated $700 million. And since that time, the company has launched a virtual world centered around Pirates of the Caribbean and plans to roll out the girl-skewing world Fairies later this year.

Source: MediaWeek
http://www.mediaweek.com/mw/news/recent_display.jsp?vnu_content_id=1003790419

I will readily admit that I know next to nothing about virtual reality and virtual worlds. But, it looks like this is an area that will need some more investigation in the days ahead. I've certainly read pieces here and there that indicate more and more kids are getting involved in virtual world web sites, but I was surprised to learn that as the article points out, there are so many already live or in development. This is something that we should all keep our eyes on in the future. If a virtual world is already part of your kid's experience, leave a comment on your perspectives.