MediaPost: Study: Gen Y Spends $172 Billion

The 57 million kids between the ages of 8 and 21 have annual incomes of $211 billion and spend $172 billion per year, according to a new online study from Harris Interactive. Income is actually down from the past year, but spending is still rising. Optimism appears to abound with this age group as the realities of life have yet to exert their pressures.

Fifteen percent of spending is done online, with boys spending 1.7 times as much as girls.