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Half Of College Grads Mooch Off Parents

Posted 6/10/2014 2:48 pm by

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So you’ve gone to college and gotten the worthless college degree of your dreams.  Odds are the graduates left college with a significant amount of debt, since college prices keep rising and actual wages are stagnant at best,  and the job market is pretty dreadful even if you’re trying to get employed.  That means a lot of debt, a lot of bad credit, and a lot of needing to borrow money from those more financially stable than you.  After two years, half of all college graduates still depend on their parents for money.

“These people started college during the boom period, then the market fell apart and they came out of college into a very different environment,” said Ted Beck, president of the National Endowment for Financial Education, which helped sponsor the research.  “There’s been a deferral of those things we would traditionally think people would start to do at this age.  People are not willing to make those commitments until they’re on more solid ground.”

Amazingly, 49 percent of college graduates didn’t actually have a full-time job.  Only 300 of the 1000 surveyed actually were self-sufficient.  Aside from their professional goals, there were also delays in personal goals. Roughly 28 percent of respondents weren’t going to have marriage as a goal, and 27 percent said the same thing about having children.  Another 19 percent said owning a home was no longer a goal, and 16 percent weren’t even looking to live on their own.  Pretty staggering for a cohort in their mid to late 20s, isn’t it?

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