In light of the mortgage meltdown and subsequent $700 billion bailout package signed by President Bush on Friday, the media has delivered a range of stories about how the explosion of foreclosures has affected everyday Americans. But how is this cataclysmic economic climate affecting young people, most of whom have yet to purchase their own homes? Has the country's dismal economic outlook impacted their everyday lives, and have they made any efforts to protect their financial futures?
 

To gauge how young people are dealing with the economic strain, I reached out to a wide range of friends in a variety of cities and income brackets to see what action they've taken, if any, to protect themselves financially.
 

Perhaps unsurprisingly, many young people said they're just sitting tight, hoping for the inevitable market rebound.
 

"I am not moving my cash," said Connor, 25. "Like most economic crises, this one will get fixed. It will most likely take a number of years, but panicking and moving assets can introduce high costs. "
 

"To be honest, I haven't changed my spending habits at all. I probably should, but I haven't," said Kerensa, 25.

"I've checked my stock brokerage and 401K accounts a little more than I used to, but I haven't moved anything around or sold anything just yet."
 

"I don't own stocks and my 401k is protected," said Heather, 25. "I've been trying to be a little more money savvy, but I still buy my Wawa coffee every day." 
 

However, other young people I talked to are cutting back or taking on additional jobs to maintain their current lifestyles. Elizabeth, a 25-year-old educator in New York City, has nixed her habit of dining out.
 

"I subscribed to AllRecipes.com—they send me a daily recipe to my phone and I go buy the ingredients on my way home from work," she explained. "I estimate that I'm saving $100 a week at least by cooking Monday through Thursday and then eating the leftovers for lunch."
 

One friend of mine is currently working two waitressing jobs—despite having a masters' degree from London School of Economics—just to get by. Another just took on a part-time teaching job in addition to her full-time position as an adult educator.
 

"I probably wouldn't have taken it had I not realized that I have nothing ever going into savings, and I want to be able to purchase a ski pass and eventually buy a computer," said Alexa, 25. "I'm unable to put any money into savings due to gas prices, higher grocery bills, etc."
 

Alexa, already a college graduate, plans to go back to school in January.
 

"At least there are always loans and graduate school to prolong the search for a better job," she said.
 

Jeff, 25, said he and his girlfriend are trying to cut costs by eating chicken instead of fish or steak and buying their beer in New Jersey (where there are lower markups on alcohol). He says he's not too concerned personally, but fears that other young people are cutting costs unwisely.
 

"I think many young people are cutting back on important things like insurance—health, renter's and car," he said. "I have friends who have been without health insurance for years to save money. Obviously if something happens, they would have no way to pay for it, which is a scary thought for them and the rest of country."
 

 He says he also sees friends loading up on credit card debt—another dangerous practice both for them and the U.S. economy.
 

While young people are clearly bearing their share of the economic burden, overall I was impressed with the level of financial awareness and responsibility of those I interviewed. Rather than dwelling on the dismal job market and the increased difficulty in obtaining student loans, many actually saw the market's nosedive as an opportunity to prosper in the future.
 

"I see this as an opportunity to take advantage of the "sale"-priced shares of solid companies. Quite frankly I wish I had some more cash; I would buy a lot more," said Whitney, 25.
 

Many I spoke with are also not particularly sympathetic to those facing harsher consequences of the market downturn.
 

"Great depression? My belt has been cinched for a while now," said Adam, 25. "Maybe it's time for a new group of people to appreciate that poverty is not a vice."