College savings accounts starting earlier in life
As college tuition increases, families are finding the need to start saving early on. Starting a savings account for young family members is becoming a smarter idea, especially if households don't have a big income. Banking and financial institutions can encourage early savings and communicate that every penny counts. Offering a coin counting machine in the lobby will show that counting loose change and putting it in a savings account is a great place to start. Today's youth is the future of the country, making college a smart investment for every family.
New initiatives have caused several states to try new birth-to-college savings methods, according to The Seattle Times. The savings experiment started about six years ago, and even in that time the children involved have a good start. Though the final results of the new initiatives have yet to be seen, families can start their own saving processes that will allow their kids to enter college without the burden of loans. The smallest of efforts can go a long way over the course of 18 or so years and help make higher education more attainable for many Americans.
Nevada government officials are giving 3,000 kindergartners statewide $50 to start off a college savings account, according to the Elko Daily Free Press. The initiative is still to be discussed with other state officials, but the hope is to get these students on the right track. Banks and credit unions can encourage young members to get their college savings started so such schooling is possible should they desire it. Working with the community to save and plan ahead for the future could help make higher education more attainable for families of all incomes.
October 4, 2013