Issue date: 3/1/07 Section: Campus

By Rebekah Tsadik
The Daily Northwestern 

Sometime between New Student Week and Commencement, Northwestern students prepare to enter the work force, weighing their options for salaries and locations against student loans and proximity to friends and family.

Retirement planning usually takes a back seat to more immediate needs.

According to a study from Boston-based Fidelity Investments and Richard Day Research of Evanston, employees in the public sector save significantly less for retirement than those in the private sector with comparable incomes. Corporate-level employees saved an average of $62,000, which is 23 percent more than their peers in the tax-exempt sector.

But NU students have few opportunities to learn about retirement planning.

"We have one workshop that we offer on how to understand and plan for compensation and benefits," said Lonnie Dunlap, director of University Career Services.

The workshop is part of a series that combines the efforts of offices such as Multicultural Student Affairs and Counseling and Psychological Services to create life-preparation workshops during Spring Quarter. Last year, a specialist from a private company talked about understanding benefits and compensation in new job positions, a complicated topic.

"We encourage (students) to really do their research based on their own needs," Dunlap said.

Last year's graduating class entered diverse fields in both the private and public sectors. The majority, 40 percent, went into management, business, consulting, finance and sales, Dunlap said. Twelve percent of the students entered the communications, journalism and media fields, while 11 percent of students entered education or teaching.

"I haven't honestly thought about retirement," said Rachel Patten, a SESP junior. "I think it's just more important for me to do something that I'm the most passionate about."

Students often seek jobs with personal and professional rewards, Dunlap said.

Continued...

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