I think another thing that is really working against Gen Y is the licensing/ degreeing of skills. I have a Gen X brother that did not need an IT degree to get into his first IT job, just had to show he had the skills. In the early 90s, being able to write some basic html was enough to convince people you were a web developer. Now, even with coding skills, multiple languages known, etc. if you don't have the specific degree, no employer is going to look at you seriously. The age of being able to pick up tech skills and then use them to get jobs is gone.
Everything now has a degree or certificate, so Gen Y has to spend a lot of money to prove they can do what Gen X could simply demonstrate they could do.
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