Here’s some doom and gloom to match our overcast weather in the Northeast today. Results of two recent surveys indicate parents are concerned about their children’s economic future. I can relate.
…only 41 percent of parents surveyed think that kids will have a better standard of living. It’s a major tectonic shift in our national belief system, but given the events of the past decade, it’s not that shocking.
Fifty-five percent said they expected American children to have a lower standard of living than their parents do today.
The vast majority of parents expect that their children will pursue a college education. Among those with one or more children under age 18, 94% expect at least one of their children will go to college.
From the Ipsos survey, here are some of the things parents are doing to prepare their children for an uncertain economic future.
- Encouraging their children to work toward a well-paying career choice: 40%
- Talking openly with their children about their own personal or family finances, i.e., family income and family expenses: 31%
- Putting money aside for college education: 28%
The hardest part might be actually knowing what a “well-paying career choice” will be 10 or 20 years from now.