A number of leading analysts and writers are forecasting their view on the impact that a downturn may have on Generation Y. Some day that this will have a sobering effect on these carefree individuals. Many say that it is Generation X or other generations that may suffer most but with the carefree spending habits of the Y, are we about to see who really is the going to make it through a ‘survival of the fittest’ ?

According to a National Survey of Young Australians ,  the Generation Y are likely to be taking the credit crunch pretty hard due to their dependence on credit cards and spending patterns.  But for a group of students interviewed by The Observer newspaper in Birmingham, UK where affluence is potentially at a stretch, who were asked what the credit crunch meant to them, many were heard to reply “not much”.

There are also reports, such as that by the  UK Association of Graduate Recruiters that despite the gloomy outlook on the job market, they would still consider moving jobs to improve their work-life balance.  Complaints about managers pushing GenY employees into longer hours have also been increasing in recent months.

But all is not lost as author Ron Alsop believes that Generation Y will knuckle down and grab the perceived safer jobs in public and not-for-profit sectors and hold back on starting their own businesses.  Or will they?

The upside? With an increasing number of retiring baby boombers, there are still skill shortages. Our GenY are often still mortgage and family free, making them potentially mobile.  Creativity, teamwork and social networking never became more important and these guys have such talents in spades.

Michael Phillips, suggests on Smart Company that our GenY follow five survival tips:

1. Keep your head down and your bum up – time to knuckle down and contribute
2. Teamwork – keep up your spirit and think of the the team, teamplayers are vital
3. Communication – keep close to what is happening in your business and spot any areas for improvement
4. Lead – by example
5. Exceed expectations – time to put in the extra

Whilst many would say this is what we should all be doing anyway, it is time to be focussed and oversize those strengths.

Of course each of the generations will be feeling the pain of the downturn in their own way, so isn’t this a good time to work across the generations? Is it time for Gen Y’s to change their cavalier ways or will they come into their own with entrepreneurial flare? What do you think?