The Boomerang Effect
Remember walking across that stage on your college graduation day? You felt proud of your accomplishments and excited about your future. Perhaps you had a clear vision of what was next, or maybe you were still deciding on which direction to take.
Some college graduates lack that direction. Some walk across that stage with no plans other than to sleep in the next day. The number of unemployed college graduates who move back in with their parents (or other family members) might be a little surprising. It’s 45 percent. Forty-five percent of college graduates take that first big step right back to their parent’s place – earning them the reputation as the “Boomerang Generation.” And if the age group is expanded a bit, the average number of college-educated 18 to 34-year-olds living with family is 61 percent.
One thing this trend could be attributed to is the amounts of debt young adults are taking on, even though there has been a recent decline in that amount of debt. And, of course, many young adults don’t focus very much on financial planning while their taking late-night study breaks.
Opportunity may be knocking. If you have college-aged taxpayers who visit your office, remind them of the importance of financial planning. It may open an opportunity for you to help them along their way. By helping them save money, you can actually make money by providing additional services they may not even realize they need. And when they tell their friends what a great help you’ve been, others who need help may call on you too.
by Kenya Hoffart, Industry Writer