I'm part of Generation Y. Wikipedia doesn't have an official start date for it, but most people it in the late 70s or early 80s. This is my generation. We're also called the Peter Pan Generation because we don't move out and start out grown up lives quickly enough.
I take a bit of offense to that. I know a lot of people in my generation who'd love to become independent adults, who are financially incapable of it. We came of age during a recession. Finding jobs out of college was nearly impossible, and finding a full-time job with benefits and a modicum of financial security was basically a pipe dream. It took me 15 months out of school before I found a full-time job, and even then I worked as a contractor for seven months (no benefits, hourly salary) before I was fully hired. I'm one of just a handful of my friends who has that.
Instead, my generation is going back to school. Grad school is becoming an option for people who can't find a job and don't want any gaps in their resume. It's the hope that having just a little more education will set you apart from the competition.
To those who don't believe the economy is getting better: it really is. In the last year, I've seen almost all my friends (who've been unemployed or barely employed for three to four years) find some kind of job. Kids in this year's graduating class are being offered jobs right out of school. Are we back to full strength? Definitely not. But there's a definitely improvement now from when I graduated college.
It's a tough world out there. I consider myself fortunate everyday that I wake up and go to a job I don't hate, work decent hours, and make decent money. I know there are a lot of people who don't have that option.