America’s newest college graduates were sold the college premium. Four in 10 of them are working jobs that never needed the diploma.

About 42% of recent college graduates, ages 22 to 27, were underemployed in June, working jobs that typically don’t require a bachelor’s degree, according to the Federal Reserve Bank of New York’s tracker of the labor market for recent college graduates. That’s up from 41.8% in May but down from 42.4% in November 2025 and below the pandemic-era high of 43.4% in October 2020.

Unemployment is the other half of the problem. Recent grads’ jobless rate hit 5.7% in June, well above the 4.1% rate for all workers. That’s a reversal. From 1990, when the Fed’s data begins, through 2018, recent grads were more likely to be unemployed than the average worker in just eight months. They have been more likely every month since January 2021. The gap hit a record 1.8 percentage points in April 2025 and is still near it.

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For the ultrawealthy, preparing children to inherit their fortunes is a long process that is much more than just transferring assets. The responsibility of managing their fortunes given to the younger generation has become a point of concern for the wealthiest families as they age—some are keeping the full amount from them. 

According to a June study from Bank of America, 61% of ultra-high-net-worth respondents—defined as those with more than $25 million in investable assets by the study—said they were concerned about their children’s motivation. They are taking actions such as supporting their children’s business ventures (51%), adding provisions to trusts (41%) and not disclosing the full amount of family wealth to them (36%), the study found. 

 BofA also found that only about a third (36%) of those respondents say their heirs are “very prepared” for their inheritance. 

“Leaving a legacy for my children while still instilling in them the drive and desire to work and be productive” was the largest challenge in wealth planning, according to a UHNW Boomer in the study.

But Matthew Saul, founder and CEO of wealth advisory firm Saul Wealth, told Fortune families that worry their children are unprepared for large fortunes often have not given them enough opportunities to learn.

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