I'm reading scholarship entries that we received for this year's SECU State Scholarship contest. One of the topics that people could write about was, "what is the one biggest financial challenge facing young adults? Explain and provide a solution."
Here are the top two challenges that many young adults named:
- The cost of a college education/how to pay for college
- Credit (i.e. how to understand it, build it, and refrain from going under because of it)
Regarding the first challenge, Nicky Gazy, one of our winners wrote the following:
"Many families simply cannot afford to pay college costs without going
into debt because they either do not make enough to support the cost of college
or simply do not know how to save and plan properly. An intervention by the
federal government could help to mitigate this problem.To solve the issue at hand, the Federal Government could help families to
save by placing a percentage of each family's income tax aside into a college
savings fund."So, my question for you is what do you think is the one biggest
financial challenge facing young adults today?Also, what do you think about Nicky's solution?
5 comments:
Well I think Nicki's solution could work but what if people didn't have kids or had more than one. Her plan has some potential if things were worked out more. Also I think that one reason that people cannot afford college is because the cost of tuition and another reason is because people are not saving as much. With the cost of tuition increasing almost every year its gets harder to pay off, also scholarships are harder to find because so many people are attending college and we all seem to have the same problem. Also with gas and food prices going up and the cost of living increasing its getting impossible for the average family to save up enough money to pay for college. I definitely think something needs to happen because there are so many people out there that are graduating college and not finding jobs, who cannot pay off their student loans which is in turn ruining their credit for their future.
I think Nikki has a great idea!!! Did she receive a scholarship? We should recruit her as a GaBber!
The biggest fiancial challenge facing young people is ignorance; Ignorance is pricey!
Heads Up...typo-(financial)
Nicki's solution seemed to be very good. The government taxes everything that we pay for....the money we make, the food we purchase, our property that we live on etc. Why shouldn't they do something smart for the children? I wish someone would have come up with this idea earlier and put it in effect. I know for a fact my life would have been way more easier as a working college student paying for college out of pocket.
The biggest financial challenge facing youth now days are:
1. As Kim said “Ignorance"- the school system does not offer classes on financial success, I believe they should, teach children how to write checks and build credit
2. Society- the prices of everything is so high, teens like name brand things which are very stupid to me...why pay for an expensive label to make you look cool? Save that label money and floss name brand things after you get your education and be established in the world
3.Parents, I am speaking about the parents who do not help their children at all or support them in tough time which leads them into a deeper whole of debt. Parents should educate their children about what to expect in situations of financial stress, prepare them for the world!
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