'We're Saving Up For Your College' — Millennials Say Their Boomer Parents Always Used This Line, But It Ended Up Being 'A Whopping $1,200'
When a Reddit user shared their experience of their parents promising them a college only to realize it was insufficient for college expenses, a narrative unfolded on a subreddit.
The post read: "Did anyone else's boomer parents say throughout your entire childhood, ‘We're saving up for your college' only for you to realize in the late 2000s that it was a whopping $1,200?"
This question prompted a discussion among users about the financial challenges facing younger generations in contrast to the seemingly easier circumstances of their parents' era.
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One user posted, "When they went to college, that's about all it cost. Boomers aren't cognizant to the fact that we haven't been handed everything like they have."
Another user highlighted the cost disparity, posting, "It was so much cheaper when they went to college. I graduated in 2002 and my tuition was less than $2,000/yr at a state school."
They added a historical perspective, "My dad graduated from college in 1969, his tuition was less than $500/year. He worked full time during the summer so he wouldn't have to work during the school year. To do that today you would need to make eight times minimum wage over the summer."
Others mentioned their parents dipped into the college funds meant for them, some of which weren’t even originally contributed by the parents. One user wrote, “My grandfather contributed $500 a year to a fund for me, but my parents actively spent my college fund, which they didn’t even pay into.”
Users could sadly relate, with another saying, “Yea fond memories of my parents destroying my piggy bank when I was a child. Will never forget.”
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A different experience was offered by a user who attended community college on their parent's dime. "I went to community college for a semester and my mom and stepdad spent every moment making my life hell. I'm walking for my bachelor's degree in two months, guess who's not invited, lol."
In 1980, the annual cost for a full-time student to attend a public four-year college was $804, according to EducationData.org. By the 2008-09 academic year, the cost had escalated to $6,312, representing an over sevenfold increase in less than 30 years.
This rise in education costs has left many millennials feeling that the playing field is anything but level compared to their parents’ generation. With crippling student loan debts and a more competitive job market, many feel their boomer parents failed to adequately prepare them for the harsh financial realities they face.
While boomers are now reaching retirement age, their preparedness varies widely. Some have built healthy nest eggs while others have little to nothing saved, having spent what was earned along the way.
Regardless of whether you're a boomer, Gen X, millennial or Gen Z, the key is to take charge of your financial future by consulting with a qualified financial adviser. Though the economic landscapes faced by each generation differ, all are operating in the same economy now with similar costs of living.
A financial adviser can provide personalized guidance to help ensure you're on track for your goals, whether paying for education, building retirement savings or shoring up the overall financial plan.
Anecdotes of past generational advantages or dropped balls can make for interesting discussions, but the wise path is to look forward and take control of your finances with professional guidance.
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