'Take It From Me': Living and Learning Through a Recession
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
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Key Findings
71% of survey respondents landed a job within six months of graduating. Only 8% of respondents took longer than a year. 68% had to start repaying their student loans before they had a job. 54% advise new grads to pay off their student loans as soon as possible and pay more than the minimum amount whenever they can. 69% had to move to a different city to find a job. 39% say that overspending on non-essentials (e.g. dining out, buying clothes or other items you didn’t need) was their greatest financial mistake.
Finding a Job After Graduation
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Landing a Job May Not Take As Long As You Think
A Variety of Tactics May Help You Land a Job Offer Faster
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The most common response (28% of respondents) was that applying to as many places as possible helped them find jobs faster. 25% of respondents said that using a reference and their referral networks was the most effective solution. 19% of respondents said that accepting a lower salary than they originally had in mind was helpful. Though, with today’s skyrocketing inflation, that advice may not be ideal for today’s college graduates. 18% of respondents said regularly revising and updating their resumé helped the most. 8% of respondents said that, ultimately, applying for jobs they didn’t originally want helped them gain employment.
Seek Encouragement From Your Entire Network
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Where to Live to Find Work
Consider Moving Back Home — but Not for Too Long
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Moving Home May Help You Feel More Prepared for the World
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Budget and Spending
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Create a Budget to Help Balance Your Spending
Try to Limit Spending on Non-Essentials
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39% said they overspent on non-essentials (e.g. dining out, buying clothes, or other items they didn’t need) 18% said they made risky investments 13% said they didn’t invest into a savings account 12% said they did not create an emergency fund 12% said they failed to create a budget and stick to it 6% said they did not refinance their student loans
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If You Can, Start Contributing to a Retirement Account ASAP
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Financial Advice Is Split
38% say to limit your spending and put extra money into savings 35% say to prioritize paying your bills and create a budget for nonessentials 27% say you only live once—as long as you have your bills paid, feel free to spend on non-essentials
Student Loans
If You Have Student Loans, Get Ready to Pay
If Your Payments Are Hard to Manage, Consider Refinancing
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How Respondents Are Doing Today
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Advice for Recent College Graduates
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About the Author
Brandon has written for hundreds of companies across the world for more than a decade. He specializes in topics such as technology, finance, crypto, and marketing.
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