WASHINGTON (dpa-AFX) - A study conducted among U.S. teens and adults shows that young Americans believe earning degrees is not important in getting a job.
The survey was conducted online by The Harris Poll on behalf of TD Ameritrade during February - March among 3,054 U.S. adults and teenagers.
Around half of young Americans say their degree was not important in getting their current job. However, one third of their parents say their degree is still relevant.
One in five young Americans may opt out of college today, though the majority of parents still expect their children to go to school.
Another important finding was that the financial burden for pursuing college studies is seriously affecting their progress. One in four millennials were delaying college study due to the difficulty in defraying the expenses.
Many are considering cost-effective pathways from gap years to online classes.
The study found that more than half of the students are stressed about their school performance, living expenses, and choosing the right major to set them up for the right career down the line.
Parents are more concerned that their child finds a job they are passionate about, than one that pays well.
Majority of parents who were surveyed are under strain of paying their own loans, in addition to providing financial support for their children's studies.
As millennials are relying most heavily on student loans, they are shouldering more debt now than they used to in 2017.
The survey found that one in five millennials have more than $50000 in debt, a 14 percent increase from two years ago.
It has turned out that for many youngsters, the pending student loan debt has often delayed achieving milestones in adulthood.
A section of parents said they have delayed saving for retirement to pay for their children's education. Some others said they have put off taking a trip, delayed buying a new home, or retiring when they want.
A 25 percent increase has been reported in the number of students who are working while in college.
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