Generation Y has compulsive buying genes

WACO, Texas, Nov. 24 (UPI) -- A new Baylor University School of Business survey indicates at least 10 percent of Generation Y members are compulsive buyers.

Associate Professor Jim Roberts and W.A. Mays, professor of entrepreneurship, said that after researching the "affliction" known as compulsive buying for nearly a decade, they've seen an alarming trend.

Said Roberts: "Only 1 to 3 percent of baby boomers and about 5 percent of Generation Xers can be classified clinically as compulsive buyers. That compares to an alarming 10 percent of Generation Yers. This is a significant increase."

Roberts speculates the trend correlates to a shift in attitudes toward debt and credit cards. About 80 percent of college age men and women have credit cards and half of them obtained credit cards while still in high school.

Says Roberts, "The credit card is the tool of power and is the strongest predictor of compulsive buying."

Roberts said another study indicated adolescents and teenagers with divorced parents might be prime candidates to become compulsive buyers.

Roberts suggests compulsive buying may be a coping mechanism for adolescents and teens during difficult life transitions.