Our kids are in trouble. Big trouble. In every other generation in recent history, children have done better than their parents. They get more education, have better jobs, make more money, and live longer. Until now. Children growing up today are in the first generation that will be doing worse than their parents in just about every measurable area. And perhaps the most obvious sign of this changing tide is how families are adjusting their college dreams.
According to the just-released College Savings Indicator study (done by Fidelity Investments), only 31 percent of parents with kids headed for college have adequately considered how much college will cost, the impact of graduating with a crushing debt load, and how the choice of major could affect future employment prospects. Translation, 69 percent have not had the 21st Century version of “the talk.”