Opting to Move Home
As these graduating seniors started to recalibrate their finances and plan for the future, many expected to live at home with their parents or were keeping their options open. Just over one-third (35 percent) definitely expected to live at home, while another 18 percent were still figuring out their plans. Of those planning to live at home, the majority expected to be there two years or less. Twenty-seven percent expected to be there for one to two years, while another 20 percent were looking at about six months to one year. This may seem like a small amount of time from a big-picture standpoint, but it can feel like a major setback to achieving independence and beginning to work towards long-term goals.
Takeaways for College and Universities
While graduates may call on their school’s career center or alumni network for assistance, much of their path is set. However, the concerns and feelings these students expressed aligns with other research conducted with current student populations and college-bound populations.
Non-traditional students, for example, greatly value their education: 89 percent consider college to be moderately to very valuable. However, only 15 percent feel financially secure, which impacts everything from where they choose to attend school to whether they can get their recommended course materials. These students can benefit from campus support and services, but they may face additional challenges to access them, from work schedules to transportation and childcare. Anything colleges and universities can do to be flexible and communicate with these students where they are will be beneficial.
Gen Z students also see their education as valuable – exactly 89 percent again. And, they look at it in the context of greater job opportunity and financial security. These young teens already exhibit more of an entrepreneurial spirit than their Millennial counterparts. They’re interested in starting their own businesses, and they are more likely to define success by financial statements than by personal fulfillment. When Gen Z arrives on campus, these students will seek out on-campus tools and support to build on their enthusiasm and get a jumpstart on their careers – and maybe their side hustle, too.
Today’s college students are financially aware, with many concerns to go along with their dreams. The more colleges can do to help build and protect their financial health – from affordable course materials to building a culture of support that fosters academic success – the better positioned their students will be as they enter the next phase of their lives.
Infographic: “Are Students Prepared for the Workforce?”
Report: “Are Students Prepared for the Workforce?”
Article: “A Tale of Two Graduates.”
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