I was 10 at the time. I heard about the 2yk bug on the news and they were saying how it was really a serious problem and in a worse case scenario the grid might go down and all electronics could stop working.
As everyone was excitedly counting us into the year 2,000 I remember being stood in the street terrified the world was about to blow up. I remember breathing a sigh of relief when the street lights didn't turn off at midnight, although I still went back into the house to check if the TV and other electronics were still working.
Seems silly looking back on it now, but the media scare stories about bug completely ruined my memory of that night.
I believe that were indeed a lot of very serious issues, which if not fixed, would have resulted in a very different experience at the turn of the century.
But at the same time, I remember in about 1998 or 1999 my friend proudly professing that the new PC he bought was Y2K compliant. I'm pretty sure that all the software and PCs used by an average person for over 5 years was equally Y2K compliant making silly sticker on the box practically meaningless.
It was stuff like this which was blown out of proportion.
Your average consumer's hardware would be absolutely unaffected, but these consumers were nevertheless aggressively pulled into needlessly buying new PCs which were supposedly more Y2K compliant than their current ones.