College Grads Still Relying on Parents for Money
More than half of recent college graduates are still relying on their parents for money two years after graduation, according to new research from the University of Arizona.
The study traced the activities of over 1,000 students at the school from the time they entered college in 2007 to 2013.
“These people started college during the boom period, then the market fell apart and they came out of college into a very different environment,” Ted Beck, President of the National Endowment for Financial Education told CNN.
The grads may not be entirely reliant on their parents to pay their bills, but they do admit to needing money here and there to cover their costs.
May graduates have decided to postpone their long-term goals due to their financial situations. Nearly 28% of said marriage is not an important goal, and 27% said they are not concerned about having children. For 19% of respondents, owning a home is unimportant, and 16% said living on their own is not an important goal.
“There’s been a deferral of those things we would traditionally think people would start to do at this age,” said Beck. “People are not willing to make those commitments until they’re on more solid ground.”
From tough economic times to a very competitive job market, recent college grads are now fighting to get on their own two feet.