Why Gen Y Is So Financially Frustrated

The challenging job market has led to marriage and parenthood delays, along with career stagnation.

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"Parents can be an enormous source of support. If your parents were born in the late '50s or early '60s, they graduated right into a recession, too," says Funk. She adds that the high-profile success of Gen Y entrepreneurs, such as Facebook's Mark Zuckerberg, give young people inspiration to create their own careers instead of endlessly job hunting.

As Bissonnette puts it, "We have technological skills that give us a huge advantage over older people—who are often competing with us for entry-level jobs."

Twitter: @alphaconsumer