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Millennials and Their Money: The Connection Between Education and Finances

From an original article by Mark Fowser, WDEL

A college degree is still the key to opening the door to financial security. The question these days is whether or not they can afford the escalating cost of higher education. According to a recent survey, young adults who have tried college but were unable to attain a degree were more likely to have financial concerns – even more than those who had a high school diploma.

Other interesting results from the survey include:

  • 75 percent of degree holders who did not borrow for college believe their education was worthwhile, compared to 43 percent who did not complete college.
  • 50 percent of degree holders own a home, compared to 34 percent of non-degree holders.
  • 67 percent of degree holders who reported growing up in a low- or middle-income household now earn a middle or high personal income.

Millennials were also found to save more for short-term concerns such as immediate expenses or a trip instead of long-term goals such as retirement.

For more details on the mindset of Millennials when it comes to higher education and financial well-being, read the full article.

Oct. 27 2017 | Posted in General News