It’s common for friends and acquaintances to ask for advice on how to financially prepare for major life events such as retirement, end-of-life care and, of course, becoming a parent. Parenthood is a rewarding, beautiful part of life, but also an enormous financial responsibility, with higher education costs looming in the distance.
On another aspect, student loan debt is a juggernaut plowing through the earning potential of millions. The burden has topped $1.5 trillion and impacts more than 44 million Americans. The size and weight are second only to mortgage debt. As we bear witness to the financial impact it makes, it’s no surprise that we’re starting to see indelible cultural changes. From the very words we speak to the way the wealthy donate their money, student loans have officially reached influencer status.
Employers like Hulu, Estee Lauder, and many more are providing contributions directly to their employees’ student loans as part of a competitive benefits package. And these contributions don’t only attract younger workers, the fastest-growing group of student loan borrowers is 60+.
Employers should offer benefits such as 529 plans to prepare for their children’s future and student loan services to ease the burden of their employees, and attract and retain talent.