I spent the majority of my time in high school (when I lived at home with my parents) fighting for the right to express myself through fashion. They seemed to be displeased by the fact that their daughter wore her hair in a "Chelsea" fringe (and dyed it purple), tailored all her skirts to micro-mini status, "intentionally" wore ripped up tights and/or fishnets, and insisted on wearing "creepers," or 20-eye Doc Maerten's with steel caps...
So yeah, I guess I've always been rather creative, so I sort of had my own sense of style, (an eclectic hybrid of gothic and punk style with a neo-classic flair) and had done everything (back in those days) humanly possible to avoid the [then] current fashion trends. <Ironically, the stuff I was wearing then, and frequently got heckled for doing so, is now (dare I say it?) one of the hippest styles one can adapt...
I later went on to harness my passion for self-expression through fashion by attending a technical college, acquiring a 2-year Associate's Degree in Business Management with an emphasis on Fashion and Design, and minoring in Marketing.
So, that having been my experience growing up, I would like to say that I do NOT believe young people are in need of "direction." I believe, even now, more than ever, that fashion and style are one of the essential mediums by which young people may still feel free to express themselves. The youth of the current generation are more technologically savvy and "streetwise" than their predecessors. They are more conscious and aware of political and social affairs, and you may notice among some, that their choice for fashionable expression reflects their beliefs or values with respect to current affairs.
While some say that mimicry is the sincerest form of flattery, I believe that the heroes, popular icons, and idols of today's youth inspire young people to stay true to their individuality. I feel sorry for kids who attend schools which require them to wear school uniforms. To me, taking away a young person's right to be an individual is a travesty well perpetuated on the road to assimilation.
Obviously, school-aged youth are somewhat segregated in their own little cross-section of society. Having the courage to be different and the willingness to express yourself in my eyes, is quite remarkable. Therefore, stylistic expression through fashion might actually be a viable way for youth to share common ground.
Lastly, as I said before, a young person who presents themselves in a manner counter to the mean of a particular culture is definitely making a statement about who or what they are, and aspire to be. This is not to say that "you are what you wear," however. My best estimation of this type of self-expression leads me to believe that the way an individual dresses themselves merely gives the rest of us visual clues as to what that individual is about, how they view themselves, and may divulge clues about their personal hobbies or interests.