Let's first talk about Generation Y
http://en.wikipedia.org/wiki/Generation_Y
I find stats here some controversial but I'll quote some:

This generation is also sometimes referred to as the Boomerang Generation or Peter Pan Generation, because of the members' perceived penchant for delaying some rites of passage into adulthood, longer periods than most generations before them. These labels were also a reference to a trend toward members living with their parents for longer than previous generations.[56]

Generation Y also saw the highest divorce rates of their parents, was the highest amount of children in foster care programs, and the highest amounts of child abuse cases in U.S. history.

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Worldwide, Generation Y is considered slightly less religious than the generations before, and far less trusting of the major religious institutions... though they are more likely to be sceptical of religious institutions

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As a group, Generation Y are said to be much closer to their parents than their parents' generation,

I wouldn't call it "closeness" I would rather call it dependency,
And why:

The primary cause of this increased trend can be defined in economic terms.[58] Economic crises, including the dot-com bubble in 2000, and the United States housing bubble that led to the Financial crisis of 2007-2010 have made paying market-level rent, or any rent, difficult for a generation riddled with high unemployment levels.[59]
However, economics is not the only explanation. Questions regarding a clear definition of what it means to be an adult also impacts a debate about delayed transitions into adulthood.
... some Millennials are delaying the transition from childhood to adulthood as a response to mistakes made by their parents. "In prior generations, you get married and you start a career and you do that immediately. What young people today are seeing is that approach has led to divorces, to people unhappy with their careers ... The majority want to get married [...] they just want to do it right the first time, the same thing with their careers."[60]

And time passes by and their chances are slimmer. I would call this "being afraid to bite in to the life"
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Pairing with the economic situation which Generation Y is starting up in, jobs are simply taken by the Baby Boomers and Generation X. The need to keep working and the aging work-force keep members of Generation Y less employed than any other generation before them. This is not due to a lack of seizing the rites of passage, as they are more educated than most that came before them.[61]

Interesting point.

The rise of instant communication technologies made possible through use of the internet, such as email, texting, and IM and new media used through websites like YouTube and social networking sites like Facebook, MySpace, and Twitter, may explain the Millennials' reputation for being somewhat peer-oriented due to easier facilitation of communication through technology ... Expression and acceptance has been highly important to this generation. In well-developed nations,

As good as this may sound, this made them actually less communicative in real world, in my opinion. Yes they are peer-oriented and I do not find this particularly good because they are missing on wisdom and problem solving advices of older generation.
This also made them shy from real world and made them more exposed to fantasies of virtual (not actual) world.

innovations in technology mean the Millennials have access to more media on demand than any previous generation and have forced the media industry to adapt to new business models.
... Generation Y grew up in the aftermath of changes in musical culture which occurred during the 1990s and early 2000s.[72]
...

which describes the Millennial generation as "civic minded," rejecting the attitudes of the Baby Boomers and Generation X.[75] However Generation Y has also been described as entitled, individualistic and lazy, akin to the image of the Baby Boomers, due to their sheltered upbringing.[76][77]

Sheltered upbringing...I do believe that this is a mean mistake we/parents made. And this is what made them so dependant (not necessarily economically) on many levels . It's not (only) about them asking for parents help when in crises (this would be normal) but this made them incapable of making  right decisions  when in crises ...or making decisions at all. They are "sitting on the brim of the ocean waiting for tide to bring something in"...

Several governments have instituted major youth employment schemes out of fear of social unrest due to the dramatically increased rates of youth unemployment... In 2009 leading commentators began to worry about the long term social and economic effects of the unemployment.

This wide unemployment is going to be a killer.

The Millennials are sometimes called the "Trophy Generation", or "Trophy Kids,"[84] a term that reflects the trend in competitive sports, as well as many other aspects of life, where mere participation is frequently enough for a reward. It has been reported that this is an issue in corporate environments.[84] Some employers are concerned that Millennials have too great expectations from the workplace.[85] Studies predict that Generation Y will switch jobs frequently, holding far more than Generation X due to their great expectations.[86] To address these new challenges, many large firms are currently studying the social and behaviorial patterns of Millennials and are trying to devise programs that decrease intergenerational estrangement, and increase relationships of reciprocal understanding between older employees and Millennials, while at the same time making Millennials more comfortable.

Great expectations...but... "mere participation is frequently enough for a reward". I so feel that this is big time our/parents fault. BUT also a fault of celebrity culture that is "nourished" so nicely in western (but lately also in other) societies.

This is a little bit to chew on for the moment. But we need to have a few words about Generation X too in this context.
More than 3 paragraphs quotation but I couldn't make it different...


Science without religion is lame, religion without science is blind...Albert Einstein