Generation Y is in for a shock as the credit crunch bites into the financial assets of their baby boomer parents.
Not only are their parents less able to help their adult children financially, but many in a generation which has known only good times have not developed saving habits, according to a new survey.
Almost one in four of Gen Y respondents, or 24 per cent, said they never had to budget or save, while 35per cent had only done so when they wanted a particular item or holiday.
The Galaxy Research study, commissioned by St George Bank, drew its data from an online survey of more than 1000 randomly sampled Australians older than 18. There were 351 participants from the ACT and NSW.
Data was weighted according to population statistics of the Australian Bureau of Statistics to ensure it was representative.
While the study, issued yesterday, says boomers worried about their diminishing nest eggs couldn't offer the same financial support to their adult children as they had in the past, Gen Ys' expectations are the same.
Many still expect their parents to prop them up when it comes to rent and board, buying a home or funding a wedding.
Their parents are more likely to be happy to help out with education costs or paying bills.
According to the study, 70 per cent of baby boomer respondents said the global financial crisis had caused their assets to erode and 71 per cent were worried about their financial situation and the possibility of delayed retirement.
As they looked for ways to increase their savings and reduce debt, some were opting to reduce the level of financial help offered to grown-up children.
That's not to say they were happy about doing this; 48 per cent felt guilty about having to say no.
Parents were encouraged to talk to their children about what to reasonably expect.
About 80 per cent of boomer respondents wished their children planned for the future better by spending less on non-essential items, saving more, being more financially independent and not expecting as much financial help.
There was some hope as 36 per cent of Gen Y described themselves as experienced at budgeting and saving.
Demographer Bernard Salt said the financial crisis was ''the great Gen Y comeuppance''.
Gen Ys, who had only known economic prosperity, would have to suddenly learn some tough lessons.
''They have never had to budget.
''Each year has been better than the last. They've had expanding income, they've never had to face a situation where their income has actually contracted.''
Though the economic climate would be tough, it would also be ''good for them''.
''The reality is these are tough times. [Gen Y] will learn skills that will stick with them for the rest of their lives.
''But it's not such a bad shake-up. Two generations ago men in their 20s were fighting a war.''
Mr Salt is confident that Gen Y, emerging on the other side of the financial crisis armed with new skills, would be ''unstoppable thereafter''.
Gen Y Alex Meekin, 19, of Hughes, is a University of Sydney student in science and commerce. He has a scholarship, a part-time job and some help from his parents who subsidise his living expenses and help with HECS.
He agreed that Gen Y had it easy compared with previous generations.
''As a generation, we haven't experienced mass deprivation like those growing up during the war or in the Depression.''
Mr Meekin could see some positives in the financial crisis.
''If it teaches financial responsibility, if people live closer to their means more in line with what the environment can sustain that's not bad for society as a whole.''