Norms are changing. Every new generation brings about change, and Generation Z and the younger Millennials are reshaping the road traveled once high school is completed. Instead of taking the traditional path that older Millennials largely took, of going to college after secondary school and incurring high student debt, these young adults are taking more varied approaches to building debt-free and successful futures. Since the paradigm is changing, you need to be more flexible in how you save for college and the future for your children. A recent article from Kiplinger, “How to Stay Flexible in Saving for Your Child’s Future,” gives advice on how to be more adaptable in today’s changing college and career world.
A recent TD Ameritrade survey, as cited in the Kiplinger article, found that 1 in 5 young Americans ages 15-21 (Gen Z) and 22-28 (Millennials), may opt out of college. We’ve mentioned this in previous blogs, but one of the underlying reasons for this is that student debt is a major roadblock to life milestones and financial freedom. As the Kiplinger article points out, the TD Ameritrade survey found, “47% [of young Millennials] delayed buying a home because of what they owe, 40% delayed saving for retirement, and 31% delayed moving out of their parents’ home” (Kiplinger).