Generation Y investors are conservative investors and invest more like their Baby Boomer parents, despite their long-term time horizon, according to the MFS Investing Sentiment Survey.

"Gen Y is investing more like their parents and grandparents, many of whom grew up in the shadow of the Great Depression," William Finnegan, senior managing director of U.S. retail marketing for MFS, said in a statement. "Similarly, many Gen Y's reached investing age during the 'dot-com' bust, lived through 2008′s Great Recession and continue to experience significant economic uncertainty and market volatility today."

The survey identified several attributes about Gen Y that are cause for concern, especially as this group ages and takes on additional expenses and life goals.

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