Millennials have taken on at least 300% more student debt than their parents[1]. This is a staggering statistic that highlights the financial struggles that many young people in the western USA are…
When I went to college I had saved every penny that I made. I went to a community college for two years under an earned scholarship and worked during that time; then I transferred into a four-year institution that required three years of classes. I paid for the first two years with my savings and part of the third year with a loan. I continued on to grad school and took research/teaching assistantships to provide a salary that covered housing, but received free tuition as part of the deal.
My first semester at the four-year school was way harder than anything I was used to. At community college I had coasted along, but this required effort. Paying for it myself out my bank account made it so much more real, and I decided then that I was going to do better because I sure as heck didn’t work so hard all those years just to throw it away.
We paid for most of our millenial child’s college. He ended up dropping out of college a couple of times and always spent too much money. He’s now married with a wife and child, and together they make more money than my wife and I did combined up until a few years ago. They’re still living paycheck-to-paycheck but have to buy every new gadget.
Our two Gen-Z daughters just went off to college. They will probably graduate, but they also don’t understand the value of money. They didn’t want to work, didn’t want to save… They get a scholarship that pays a monthly stipend, and they burn through that as it comes in. Their college decisions were based on things like “is that campus pretty?” “is their cafeteria food really good?” regardless of the cost. They refused to do community college.
What’s my take? These three kids have a sense of entitlement and a need for immediate gratification that I didn’t really see in my generation. I’m pretty sure this isn’t the result of bad parenting (we adopted the two younger ones as teens), and I see it with co-workers’ children as well.
Does that mean that every Millenial or Gen-Z is like this? No. It just means these three definitely are. But they don’t get much pity from me when they complain and it was the result of bad choices. I chose my college path based on value: scholastic and economic. They chose their path based on social and sensory reasons.
When I went to college I had saved every penny that I made. I went to a community college for two years under an earned scholarship and worked during that time; then I transferred into a four-year institution that required three years of classes. I paid for the first two years with my savings and part of the third year with a loan. I continued on to grad school and took research/teaching assistantships to provide a salary that covered housing, but received free tuition as part of the deal.
My first semester at the four-year school was way harder than anything I was used to. At community college I had coasted along, but this required effort. Paying for it myself out my bank account made it so much more real, and I decided then that I was going to do better because I sure as heck didn’t work so hard all those years just to throw it away.
We paid for most of our millenial child’s college. He ended up dropping out of college a couple of times and always spent too much money. He’s now married with a wife and child, and together they make more money than my wife and I did combined up until a few years ago. They’re still living paycheck-to-paycheck but have to buy every new gadget.
Our two Gen-Z daughters just went off to college. They will probably graduate, but they also don’t understand the value of money. They didn’t want to work, didn’t want to save… They get a scholarship that pays a monthly stipend, and they burn through that as it comes in. Their college decisions were based on things like “is that campus pretty?” “is their cafeteria food really good?” regardless of the cost. They refused to do community college.
What’s my take? These three kids have a sense of entitlement and a need for immediate gratification that I didn’t really see in my generation. I’m pretty sure this isn’t the result of bad parenting (we adopted the two younger ones as teens), and I see it with co-workers’ children as well.
Does that mean that every Millenial or Gen-Z is like this? No. It just means these three definitely are. But they don’t get much pity from me when they complain and it was the result of bad choices. I chose my college path based on value: scholastic and economic. They chose their path based on social and sensory reasons.