Half of college graduates expect continued financial support from parents

by Grace

Parents of college grads have lower expectations for their adult children’s ability to support themselves.

… Some 36% of parents say they expected to support their children financially for more than two years, up from just 18% last year, and only 2.8% of parents expect their kids to have a full-time job after college and only one-quarter see them having any kind of job in their chosen field when they graduate….

Their kids are even more pessimistic.

About half of students expect to be supported financially by their parents for up to two years after graduation, according to a new survey of 500 students and 500 parents released Tuesday by Upromise, the savings division of Sallie Mae, the student lender….

Agreement about the “new normal”.

Both students and their parents are more accepting of the new normal, says Erin Condon, president of Upromise by Sallie Mae. “We were pleasantly surprised that parents and students were very aligned in their expectations,” she says. “One could argue that this generation is entitled or spoiled, but you could always argue that they are financially responsible and not biting off more than they can chew by making effort to get off on the right foot to make sure that long-term success is there.”

Related:  “Baby Boomers’ kids are doing worse than their parents”

———

Quentin Fottrell, “Half of college graduates expect to be supported by their families”, MarketWatch, May 19, 2015.

Advertisements

One Comment to “Half of college graduates expect continued financial support from parents”

  1. Virtually every kid I graduated with, during the recession of the 80’s, ended up being supported by their parents for the first year or so. In my case, it was 6 months while I tried to find a job. Being a CS major from a good school with a good GPA didn’t help much, but thankfully, I could take the grad school out – and since I was in CS and spoke English, I could go to grad school on a TA that meant my parents no longer had to support me. Many of my non CS friends were not so lucky. I think parents need to be prepared to help out their kids financially for a year or two.

    Like

%d bloggers like this: