Miranda Sawyer, Owen James, Celeste Houlker

Britain’s 18-25 olds appear to be both a lost generation paying for the mistakes of their elders, and self-pitying malcontents with unrealistic expectations. Generation Y and the New Quarter Life Crisis ask which of these descriptions is right?

There is no doubt that that Generation Y faces serious challenges. Wages are low, and living costs spiralling; welfare state support has been reduced, and the internship treadmill can last for years. But, as Lena Dunham’s Girls records, they also have boom-period aspirations - home ownership, rich experiences, identities defined by exciting and fulfilling careers. Should they?

At a time when thousands of graduates are unable to move from family homes, and one in ten seek to work overseas, this debate asks if the quarter-life crisis is real, and considers what it could mean for the nation's future.

The debate is hosted by The Observer columnist Miranda Sawyer, with panellists Owen Jones (columnist for The Guardian, New Statesman and author of Chavs: The Demonization of the Working Class,), Celeste Houlker, editor of Live! Magazine. Together they will examine whether Generation Y is a betrayed and exploited generation, or an over-privileged group that refuses to adjust to reality.