New Grads’ Top Three Money Worries: Expert Advice to Face Finances as An Adult
Written by
Dawn Allcot
Edited by
Angela Corry
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
As more than 1 million college graduates prepare to enter the workforce, based on historical data from the U.S. Bureau of Labor Statistics, many of these young adults feel financially unprepared. Not surprisingly, Gen Z money concerns may also resonate with millennials and Gen X.
Chime spending officer Janelle Sallenave weighs in with tips to combat the top three financial fears of new graduates, as revealed in a new survey from Chime by Talker Research.
Finding a Job
Four-in-10 (44%) of new graduates are worried about finding a job in their field. These fears may be unfounded, as 69.6% of 2024 graduates are now employed. However, the right tactics and smart networking moves can increase your odds of finding a job faster.
“The traditional ‘apply online and wait’ approach isn’t always enough,” Sallenave said.
Recommending building a professional network, Sallenave suggested reaching out directly to recruiters.
“Keep in mind, many job openings aren’t posted on job sites,” she said.
However, online efforts should still play a role in your job hunt.
“Curate your LinkedIn feed with intention,” she said. “Follow recruiters, career coaches, and industry pros who regularly share helpful tips or job leads.”
Most importantly, don’t settle for a role that isn’t a good fit if you can wait. “Jumping into just any job can set you back. A little patience now can lead to a role where you’re valued, growing, and genuinely happy to show up every day.”
Paying Off Student Loan Debt
Students graduating from a public university leave with an average of $31,960 in student loan debt, according to EducationData.org. It’s no wonder that 35% worry about paying off their student loan debt without sacrificing future financial security.
Sallenave suggested that small steps are best. “Tackle high-interest debt first, but don’t ignore your savings,” she said. “Having a small emergency cushion can go a long way to keep you out of more debt.”
She recommended setting up autopay to avoid missed payments and make sure to balance saving, investing, and making the minimum payments on your student loans.
“Investing early gives your money more time to grow, so you don’t have to choose between tackling debt and preparing for what’s ahead,” she advised.
Managing Monthly Bills
One-third of survey respondents said they have concerns about managing their monthly bills as they embark on adulthood. Sallenave suggested setting up online bill pay to avoid late payments and fees. “Still, check your statements regularly to catch any errors or unexpected charges,” she said.
New grads just learning how to manage money can also take advantage of technology tools to stretch their money between paychecks. Find a bank that allows an overdraft with no fees in case you run short of cash. Early direct deposit can also help you avoid late payments by putting money into your account two days faster than it would usually clear.
With a solid foundation of financial knowledge, managing money can quickly become a habit that will serve new graduates well through every stage of life.
More From GOBankingRates
