Salt Lake City, UT (PRWEB) December 10, 2013
When do you think families should start saving for college? According to 509 respondents of a National Financial Educators survey - 82% of respondents answered that families should start saving for college “when their child is born”.
Survey responses were collected between November 21st, 2012 and November 6th, 2013. The sample was taken people that visited http://www.FinancialEducatorsCouncil.org – thes was the only inclusion criteria. People that participated resided in 35 states across the US, 2 respondents from Puerto Rico and 1 from the US Virgin Islands.
The breakdown of the remaining 18% is as follows: ‘when their child starts grade school’ - 6%, ‘when their child starts middle school’ – 1%, ‘when their child starts high school’ – 1%, ‘parents should not pay for their child's college’ – 4%, ‘uncertain’ – 6%.
The U.S. Department of Education college inflation figures show that the cost of attending public school increased by 6.5% each year over the last decade. Using those inflation figures, by 2030 the total cost for a four-year degree from a public school will be over $200,000 and over $400,000 from a private institution.
To help families save for their children’s college, the NFEC has developed a tool through their social enterprise fund. The NFEC created SavingsFund – the first crowdfunding site for long-term savings and financial education – was developed to help families enlist loved ones in the savings process.
SavingsFund.com allows friends and family members to give toward a child’s long-term savings or college fund. The stated objective is to help them start saving early, consistently and give them the monetary skills needed to be good stewards of the financial gifts.
The National Financial Educators Council has expanded their financial literacy research to promote best practices in the industry. The NFEC’s social enterprise business model ensures that complimentary resources are made available to organizations that want to teach personal finance.