Americans looking to go to college may have differing views on how to achieve their goal through various financial strategies. Starting young to have an idea of managing a personal finance plan can be beneficial, and both boys and girls have contrasting ideas on the matter.
Nearly 80 percent of girls approaching college want to pay through scholarships or grants, while just two-thirds of boys said the same, according to a report from The Allstate Foundation and Junior Achievement USA. A total of 66 percent of girls noted that the current expense of college made them rethink what they will do for education in the future, while 57 percent of boys explained this sentiment, as well.
Four in 10 girls heading to college in the near future felt that it would be a possibility to take advantage of in-state tuition costs in order to conserve cash, the report showed. Approximately 30 percent of boys also felt this way.
“It is important for young women and men to understand their options – and the financial implications – for continuing their education,” said Jack Kosakowski, president and chief executive officer of Junior Achievement USA.
Many families look to help save for college
This year, there were a number of parents who looked to help their children achieve their education goals. According to a report from Fidelity Investments, more than 80 percent of parents explained they are prioritizing saving for their children’s college this year, while more than 33 percent noted that this was their main savings goal for the next several months.
“For many parents, saving for college is an area of focus throughout the year, but the New Year is an ideal time for families to reassess their finances, set new savings goals and priorities, and establish a college savings plan,” said Keith Bernhardt, vice president of college planning at Fidelity. “While many resolutions are quickly abandoned because they aren’t as specific and attainable as they could be, we are encouraged that families are setting concrete college savings goals, and developing actionable plans that will help them keep these resolutions.”
Nearly 90 percent noted that they are trying to save the same amount of money that they conserved in 2013, the report added. Another six in 10 noted that they would try and save more than last year’s level.