Parents Money Helping Up to 50% of College Grads

Students who have graduated from college during the throes of the recent recession continue to struggle trying to live on their own.

Over two years after graduating, as many as 50% of the graduates continue to rely on help from their parents or other members of their family for some kind of financial help.

This is according to University of Arizona research in a study that tracked over 1,000 of its students for five years – from the time they started at UofA in 2007 through 2013.

The lead researcher said that the people in the study started at college during the country’s boom period and graduated after the recession had ended but entered a very different economic environment.

Whether the graduates rely on mom and dad for each expense or just on occasion, many of the graduates were quick to point out that their situations financially have meant they have had to postpone certain things like marriage and children or even purchasing a new home.

Close to 28% of those who responded to the survey, said marriage was not a goal that was important at this point, while 27% responded that same way with regard to having children.

Another 19% indicated that owning their own home was not important and 16% said living on their own was not that important.

Along with huge sums of debt from student loans, the difficult job market likely has been a huge factor, with just 49% of the college graduates saying they have full-time work.

Even for those that are working full time, close to 50% said they still need financial support from family.

People working full time reported they were earning from $40,000 to $60,000 per year, while those who had part-time work said they earned from $25,000 to $40,000 annually.

As far as careers are concerned, the graduates are for the most part choosing idealistic goals over ones that are financial.

Most said working within the area of their interests was more important in career satisfaction, while working for a company that had a 401(k) program that matched funds was the least important.

Of the 1,000 surveyed just 300 said, they were 100% self-sufficient.

 

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