Younger generations are not faring well in the current economy, according to a new study.

Three out of four young people, defined as those between the ages of 18 and 34, have gone deeper into debt in the last year according to "Young People: Living on the Edge," a recently released report compiled by Greenberg Quinlan Rosner Research.

More than half of those surveyed said they were only paying the minimum monthly amount due on their credit card. Of those carrying a balance, one in three owes more than $10,000.

Further troubling is the fact that 28% were carrying medical debt.

But the study revealed a disconnect between this generation and their parents. While many of the children reported feeling intense pressure over their financial strains, their parents were more concerned about their health and long-term happiness.

Only a third of parents in the study said they were concerned about their child's ability to pay a bill in today's economy.

Yet some 19% of those in the study reported having their phone, cable or utilities cut off and one in seven, or 15%, faced repossession or had their credit card seized due to non-payment in the last year.

Financial experts often counsel that overextending oneself financially can take away from feelings of happiness over the long term. And other scientific literature has found links between financial stress and poor health.

How we fare as a nation in the 21st century global economy will largely depend on how and whether younger generations catch their economic footing," said Andy Stern, president of SEIU, which is aimed at helping young people address financial challenges.

Financial advisors may want to make note of one key finding from the study, which was conducted in June. The number of parents loaning their children money has nearly doubled over the last year.