According to a report in an Australian newspaper Generation Y expect to be paid a lot more money than other generations.

In Australia they expect to start out on $30 per hour and some are even demanding up to $40 per hour for their first job.

20% of Gen Y’s expect to be earning $250,000 plus per year by the time they’re 29.

The reality is a little different.

47% have credit card debt or loan’s. (I guess it doesn’t matter when you’ll soon be earning $250,000 plus per year)

The average income for a Gen Y is $125 per week. Most blow all of this cash on themselves because they live at their parents home and pay no rent or board.