According to research by danah boyd and Eszter Hargittai, in their paper "Facebook privacy settings: Who cares?", young adults and students are becoming more savvy about their security settings on Facebook. This data shows a positive trend that rebukes generalized statements suggesting youth do not care about their personal privacy or security on social networking sites.
The study wanted to assess the impact that changes to Facebook privacy settings had on various user groups, particularly youth aged 18-19 years old.
"Overall, our data show that far from being nonchalant and unconcerned about privacy matters, the majority of young adult users of Facebook are engaged with managing their privacy settings on the site at least to some extent."
Interestingly, the data does not suggest that one gender is more interactive with their Facebook privacy settings. The research suggested that experience and skill, not age, were better predictors of how users approached privacy settings. You can read the full paper, and discussion, here.
Via ars technica