Recent college grads may be more educated, diverse, and precocious than their Baby Boomer and Gen X predecessors, but new research finds that it could take them a while to get going in the marketplace-- at least independently.
According to a recent Google Consumer Survey, conducted for the education company Upromise by its financial services parent, Sallie Mae, the majority of students expect to continue receiving financial support from their parents for up to two years after their college graduation. The study sampled both parents of high school students intending to go to college, as well as the students themselves, to determine overall outlook on college expenses, money-saving habits, and life after college in today's workforce.
Parents, for their part, would readily comply with kids' expectations: Less than 5 percent of those surveyed said that they wouldn't let their child move back in after graduating from college, although nearly 25 percent said that they would charge them rent. That means that a large portion of your next workers might just have some added cushioning, courtesy of Mom and Dad, that most of Gen X did not.
To be fair, though, it makes sense that these students are expecting to receive at least some degree of post-college support. It's more difficult for them to land good jobs, according to a study from the Pew Research Center, in spite of the fact that more millennials are getting college degrees than their parents did. (Hint: that might be your own fault. A recent report from Accenture found that businesses are not prioritizing entry-level jobs, nor are they catering to the demands of younger workers.)
Even so, parents and students alike are optimistic: 64 percent of parents surveyed expect that their children will be able to find a job after graduation--though not necessarily one in their field--within six months, and 67 percent of students agreed.
For more information, take a look at the infographic from Upromise below.