Why Recent College Graduates are Financially Struggling

Adjusting for inflation, the economic outlook for recent college graduates compared to those graduating from college in the 1990s is bleak. Without support from their parents, they have limited ability to make ends meet, largely because of the skyrocketing costs of college education and housing. And, unfortunately, salaries for college graduates have not risen in proportion to costs, leaving recent college graduates far worse off than those graduating from college in the 1980s. But, for their parents, this presents additional challenges because so many are part of the “Sandwich Generation” who financially supports both their adult children and their elderly parents. In real economic terms, Gen X, Millennials, and Gen Z are feeling the squeeze of rising inflation and stagnant salaries.

We believe that credit unions and smaller regional banks can provide not only better rates to help these generations lower their debt and increase their savings, but we also think that they can provide the financial wellness education and programs that these younger generations want and need.

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