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Financial pundits are stressing about hiccups to business when college graduates will have to start paying back their student loans.
The upside is that if this graphic is accurate then they have a lot of discretionary expenses they can eliminate without impacting necessities. I expect to start seeing articles explaining how to sharpen a pencil and compare the cost of preparing your own soup vs. the cost of purchasing it from a restaurant and having Grub-hub deliver it. There are oodles of folks who will insist that the restaurant/Grub-hub soup is CHEAPER than heating up a can of Campbell's soup.
Another thing we can expect is reduced spending on higher education. The last few years there has been ZERO reason to not take out more student loans and get multiple Master's degrees. After all, they could live high-on-the-hog and there was no expectation that they would have to pay any of it back.
The people of that generation I've known who have college loans complain they don't have enough money and how unfair life is yet routinely fly across the country or the globe for an "experience".
ReplyDeleteThe ones I've known without loans, usually without a degree either, are a very different matter.
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I've always thought the college should be on the hook for some of the loan. They get 18-19 year old kids in the guidance office and convince them not to worry about loan balance. Just sign up for that social science degree and everything will be fine. It's not until they're out in the world that they find out it's a lie and they're on the hook for big bucks.
ReplyDeletePrivate student loan companies closely evaluate the student, the degree, and several other things before giving a loan.
DeleteSchools that don't accept federal money work closely with those companies. They also work to keep costs down so loans are smaller.
Jonathan
My first impression of that graphic is that Gen Z spends over 300% of their expenditures. Without a better understanding of the graphic I don't think it is reasonable to develop conclusions from that graphic.
ReplyDeleteART
From the source (link at bottom of graphic) "In the survey, respondents were able to select more than one answer for the things they spend the most money on. From the people we asked, the most common thing they spent their money on was household bills and expenses, and this was closely followed by clothes and accessories."
DeleteI was seeing the same thing as Art.
DeleteSurvey is meaningless; does it say what constitutes "most"?
But probably not inaccurate to conclude they spend more than they earn....it is the American way.
Differ
My last month paycheck was for 11000 dollars…e work from comfort at home for 3-4 hours/day and they paid me for it 95 bucks every hour…..> https://www.pay.salary49.com
ReplyDelete