The research was based on the responses of 1,000 managers and 1,000 Generation Y workers from U.S. companies.

The study also found that bosses are supportive of the entrepreneurial efforts of younger workers.

Nearly 60 percent of bosses said they are extremely supportive of the entrepreneurial efforts of Gen Y workers and 73 percent of bosses are supportive of Gen Y workers moving around within an organization.

However, fewer than 50 percent of Gen Y workers said they are interested in starting their own business or moving within an organization.

"Gen Y's are crucial to the development and growth of our economy, yet managers have a negative impression of them and it's creating workplace drama," said Dan Schawbel, founder of Millennial Branding, which conducted the research along with American Express.

"Managers should be setting proper expectations, giving them career support and help them develop the skills they will need today and in the future," Schawbel said.

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