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Posted: Tuesday, 09 July 2013 6:37AM

Study: More college kids than ever are focused on creating wealth

A new UCLA Higher Education Research Institute study on college freshman shows this generation is more focused on wealth creation than previous generations.

The number who say being wealthy is very important to them has doubled since 1966, and one of the study authors says "The discrepancy between work ethic and materialism has grown - that's what really distinguished the millennials."

Dr. Kristopher Kaliebe with LSU Health Sciences Center Child and Adolescent Psychiatry says kids have their own culture today, "And they seem more separate today from adult cultures and humbling influences, like time with their elders, their church, and cultural and family traditions."

Not only do freshman want to be wealthy, but other studies of high school students show they don't want to work hard.

And this is the generation usually associated with the Occupy Wall St. movement, who railed against the 1%. "You might say, 'Wow, what a paradox!' but I think it's not so much of a paradox to think the people who would be upset that other people have money, would be the people who really prioritize money," Dr. Kaliebe says.

And this generation spends a lot of time with media, and that he says influences them a lot. "If you look at what the popular things are on TV, who the stars are and the kind of lifestyles that they live, and you have to also appreciate that these kids are seeing so much more media that is targeted right at them, showing them all these people who are living a lifestyle that most of us can't have."

And deepening their likely problems, more than twice as many are saddled with student or credit card debt than their parents.

Click here for more on the study from HERI.

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