We’re running out of generations—or at least clever tags.
Ranging from age 13 to 22, nearly half of those in Generation Z (yes, Generation Z) say their biggest worry is having a large student loan balance when they graduate college (up from 39% in 2012), and 36% are concerned about being able to afford college at all, according to a recent survey from TD Ameritrade.
The company adds that considering the cost of college has risen more than 1,120% in the last 35 years, it comes as no surprise. But the survey uncovered many more surprising insights into this group of teens and early 20-somethings.
Gen Z Goes to College …
Despite the climbing cost of college tuition, more than half (54%) of those in Gen Z still believe obtaining a higher education is critical to achieving success. And 64% agree that college is worth the cost because it helps secure employment.
The majority of those in Gen Z (72%) expect to attend college or are currently attending college, and despite the large price tag, 61% plan to seek an advanced/graduate degree. Only one in five has considered delaying college due to the expense.
Teens and early 20-somethings seem to understand the importance of saving money. If given $500, a whopping 70% would save at least a portion of it, and 34% would save it specifically for college.
Growing Up and Moving Out