Consequently, Katz notes, "this generation is starting early to save. They want some control over what happens to them. But I think they're a lot more realistic about investing and how much control they have over their own future."
Katz says her students are also becoming "a little more realistic about their capabilities as an employee. They expected to graduate making $60,000, $70,000 a year, and they recognize that's not going to happen right away," she says.
Ultimately, Generations X and Y will see their futures determined largely by their ability to adapt to change. The biggest difference between these generations and their predecessors is that the world has grown increasingly complex and three-dimensional. The days of linear career tracks and defined benefit plans are over. Today's young adults will have to create their own career paths and retirement trajectories.