We’ve had the mini-mansions and two luxury cars. We’ve taken exotic vacations. We don’t do our own housework. And we’ve sent our kids to private schools and the best colleges our money can buy. We had no reason to expect that our children would not live even more comfy financial lives, did we?
A study by Georgetown University’s Center on Education and the Workforce found that 8.9% of recent college graduates are unemployed. And if your children do not have a college degree, that rate goes up to a whopping 22.9%.
And to further poke a stick in their eye, students emerging with their degrees have accumulated more than $1 trillion in student loans, according to the Consumer Financial Protection Bureau. The Project on Student Debt says those loans average $25,250 per person.