There was a recent post here about newgen creation dates. I posted all the dates. Check that out then get stalking. (on iPad atm so can't be bothered searching for it)
I did it all the time in other FMs but not so much now. Most youth from the big nations won't come to you straight away and if they do they will want 10k a week as an incentive. They have been at the club for 3-5 years before 'creation' so there's no reason they should move right away.
Best bet is to scout them, take note of the good ones then after a few months their contract demands will be more reasonable. Having said that, if you can sign a very promising player for under 1-2k pw (for a top club) then go for it. Also make sure they are on your short list so you know when other clubs make a bid. Players from the smaller nations should be far more easier snap up on the cheap.