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Industry News

 

2008 College Grads Flock Back Home

Wednesday August 6, 2008

 

Milwaukee — Aug. 6
CollegeGrad.com released its poll results on how many new college grads moved back home after graduation. Among 2008 college grad job seekers, 77 percent moved back home with their parents after graduation. This is up from 73 percent in 2007 and 67 percent in 2006.

While some cite a difficult economy, especially a high cost of living as the primary reason, a variety of additional factors unique to current graduates may play a larger role in the increased trend.

"This is a trend we were hearing about even before talk of a recession really started," said Sarah Zehr, assistant dean and director of Engineering Career Services at University of Illinois at Urbana Champaign. "Gen Y students look to their parents for advice and support, and this is just another example of a trend with this generation."

James Smart, director of Toppel Career Center at the University of Miami agreed. "This generation seems to have close relationships with their parents and isn't experiencing the stigma or obstacles to returning home of previous generations."

College grads also seem to have high expectations for entry-level jobs and salaries, and career experts voice concern over perhaps unrealistic expectations. Student loans, credit card bills, high rent, car payments, cell phone bills and more all point to a disconnect between the type of lifestyle grads have come to expect and the entry-level salaries that pay for them.

"Given current salary levels for many college grads, it would be very hard for many to make a go of it on their own," said Smart. "It's a concern that [recent grads] need to maintain a lifestyle they can't afford."

While there may not be an actual shortage of entry level jobs — employers surveyed by CollegeGrad.com anticipated increasing entry-level hiring by 12.9 percent in 2008 — college grads are having a difficult time finding jobs that meet their salary expectations.

Nancy DeCrescenzo, director of Career Services at Eastern Connecticut State University noted that even students who secured offers moved back home. "With the rising cost of commuting, graduates focused their job searches geographically," said DeCrescenzo. "Finding employment close to free rent became a strategy supported by parents."

The solution of moving back home certainly can ease the initial financial strain. However, instead of making this a permanent solution, CollegeGrad.com urges grads to take that leap and learn responsibility, even if it's difficult at first. If moving back home is the only or the best option, it should be a temporary one.

For a successful transition from graduate, to back home, to on your own, CollegeGrad.com advises that live-at-home grads make their job search their full-time job. Practical advice on setting up the job search can be found at: www.collegegrad.com/jobsearch/Job-Search-Central.

Following are the overall survey results:

• Did you move back home after graduation?
• Yes, just for the summer: 12.4 percent.
• Yes, until I find a job: 64.6 percent.
• No: 23.0 percent.

The survey was conducted nationally using an online poll placed on the CollegeGrad.com home page during June. The results are based on more than 1,400 respondents.

For more info: http://www.CollegeGrad.com