Generation X And Y, Characteristics Between Generation Y And Generation Y

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LITERATURE REVIEW

2.0 Introduction

This chapter provides a review of previous study which is related to generation Y, characteristics of generation Y, the differences between generation X and generation Y, level of income adequacy, and expenditure pattern.

2.1 Generation Y

2.1.1 Who is generation Y?

The word of “Generation Y” comes from the Advertising Age magazine since 1993. Generation Y, Boomlets, Echo Boomers, Millennial Generation or Internet Generation (Cameron, 2007) are those early adulthood who to be born wholly in the twentieth century which is between 1978 and 1994 and currently aged between 21 and 37 (Sheahan, 2009). They are also born into an era of electronic, technological, and wireless society where global boundaries have been blurred (Williams and Page, 2010).

Besides that, generation Y is also known as “echo boomers” or often “generation why” who are now entering the workforce and shaping your organisation for the future.
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These are some of the differences between generation X and generation Y.

2.1.3 Characteristics of generation Y

According to Halstead (2006), there are three major characteristics of the generation Y. These characteristics are:

1) They are extremely independence because of day care, latchkey parenting, divorce, single parents and the technological revolution that they are growing up alongside.
2) They are ethnically and racially diverse.
3) They have a sense of security and are optimistic about their future and they feel empowered; this kind of situation should thank to their overindulgent parents.

2.2 Level of income

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