College graduates plagued with financial woes

SPRINGFIELD, Mass. (WWLP)– As graduation season continues many college graduates are looking forward to a new job and maybe some financial independence, but 22News found out why that isn’t happening for the majority of college grads.

Josnellie Garcia, from Holyoke, told 22News she’s working towards a degree to better career opportunities. “Obviously you want to make more money you want to be stable you want do things on your own you don’t want to have to depend on other people to take care of you,” Garcia said.

Now, after all those hours studying in the library and thousands of dollars spent, many with a college education will remain financially dependent on their parents.

A new study done by the University of Arizona found that more than 90 percent of graduates say they have a long way to go before they will be totally financially independent.

“Yea it’s going to be kind of hard because now you’re going to be hit with rent, utility bills and everything else,” Korran Gumpton, from Springfield, said.

The study reveals that of the college grads tracked, half of them still rely on parents or family members for financial help, and only half are working full-time, even 2 years after graduating..

The study says this is largely due to grads choosing career satisfaction as they hold out for jobs in their area of interest over jobs that offer financial perks like a 401K savings plan.

Some financial experts say between student loan debt and a difficult job market grads aren’t able to achieve the life goals they were working towards.

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