A college degree once ensured prosperity – but gen z is finding ‘just not much out there’
Summary
Many young Americans with college degrees are struggling to find good jobs and affordable living. Despite a strong economy and low overall unemployment, recent graduates face more job instability, high student loan debt, and lower confidence in their financial future than previous generations.Key Facts
- Jes Vesconte, a 29-year-old with advanced degrees, finds it hard to earn more than $3,000 a month and is looking for additional work before loan payments start.
- A report from the Economic Policy Institute says the college degree is becoming less valuable for job prospects.
- The unemployment rate for recent graduates has been higher than for all workers since the pandemic.
- More people have college degrees now, which reduces the advantage degrees once gave in the job market.
- The average student loan debt for the class of 2024 is about $29,560, contributing to a total U.S. student debt of around $1.8 trillion.
- Many young workers find it hard to change jobs or find more fulfilling careers despite having jobs.
- Consumer confidence among people aged 18-34 dropped sharply last year and remains lower than for older Americans.
- Research shows young workers’ wellbeing is declining faster than older groups, for reasons beyond just jobs.
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