Advancing our Financing

College is a time for students to grow, learn, and prepare for their adult life. However, do students truly understand what the “adult world” entails once they walk across the stage at graduation? Waynesburg University’s assistant dean of students, Pat Bristor, wants to tackle this issue.

According to a TD Ameritrade survey conducted in 2019, nearly 50% of young adults between the ages of 22 and 28 plan to move back in with their parents post-graduation. A survey from PewResearch.org found similar results.

The current generation of young adults moving back home is often referred to as the “boomerangers.” PewResearch.org defines this term as for a generation labeled this for “its proclivity to move out of the family home for a time and then boomerang right back.”

As the “boomeranger” situation increases, Waynesburg University’s Student Activities Board and Business Office plan to prepare students for the future.

In an interview, Pat Bristor explained the need for financial understanding amongst college students.

“I don’t think students realize the extent to the cost of living,” Bristor said. “What does cost entail? Can you afford to live on your own?”

Bristor hopes to pair with the Business Office and Business Department next semester to inform students of the requirements of living on their own. She plans to hold lectures on apartment matters, such as how to analyze leases, how billing works and the importance of renters’ insurance. Savings accounts would also be discussed, as well as retirement.

“I started saving for retirement shortly after graduating from college,” Bristor said. “Now that I am close to a retirement age, I’m very thankful I did.”

The lectures would also address the issues of consolidating debt. Bristor acknowledged the struggle of many students to pay off debt right away and wants to prepare students for the process the best she can.

She especially emphasized the need for students to consider their options when choosing a career. Bristor discussed the matters of salary, benefits, and what employees are actually being compensated.

“What exactly are benefits,” Bristor said. “The word sounds good, but what is the company offering? Students as future employees need to be aware.”

Waynesburg’s Business Club is also interested in working with the financial understanding lecture series. Business club secretary Adam Hartnett described some of the problems he’s witnessed amongst students.

“Creating a budget lets a college student or graduate see how they have a set amount of money coming in, and allows them to be financially aware of where their money is coming in, too,” Hartnett said. “I mean, just look at flex dollars. Look at how many students have already used up their flex dollars for the semester.”

Bristor intends to teach a lecture herself on billing and apartment searching. However, she admitted the Business Office and Department would be more resourceful with other financial aspects.

Currently, the plans for the lecture series are still in the works. She has reached out to business professor Wesley Hershelman, and received positive feedback. She is hoping to finalize planning within the next month.

“As students begin adulting, they need to be prepared,” Bristor said. “It’s scary, but this is reality.”

The Yellow Jacket Print Newspaper is back for a Special Fall 2021 Edition.

Pick up your copy around campus Friday, December 3! Copies will also be available at select locations around the community. Happy holidays and happy reading!