A new study by Georgetown University* may have some good news for those pursuing post-secondary degrees. It found that there have been 2.9 million “good jobs” created since the economic recovery began, and people with a college degree have filled 2.8 million of them.
What makes a job “good?” The study defined a good job as one that pays an above average salary, offers health and/or other benefits, and is a full-time, full-year position.
Some of the good jobs being created and filled include positions in STEM fields (science, technology, engineering and mathematics), healthcare, and management.
It’s clear that a degree can help open doors for graduates. But first, they need to open the door to college. Having savings set aside can help them do just that.
Kids with savings have an advantage
Children who have money set aside for college are six to seven times more likely to attend than those who do not, according to recent research.** And, the more you can set aside before your child goes to college, the less you will need to borrow later to cover the cost of tuition and other expenses. That means your child is likely to graduate with less debt than students who needed to borrow to cover the entire cost of their college education.
Getting started on building college savings can be simple. Opening a 529 college savings account through Edvest, Wisconsin’s official college savings plan, can be done by parents, grandparents, extended family members or family friends on behalf of a child. Or, family and friends may contribute to an existing account by making an e-gift online.
Edvest accounts may be opened with just $25.00. What’s more, Wisconsin residents may be eligible for tax advantages (make sure to talk with your tax advisor and read the Edvest disclosure booklet available at Edvest.com)
As college degrees become increasingly important to employers, saving for higher education expenses is even more important for families.
* Good Jobs Are Back: College Graduates Are First in Line, Anthony P. Carnevale, Tamara Jayasundera, Artem Gulish, 2015. https://cew.georgetown.edu/cew-reports/goodjobsareback/
**The College Savings Initiative, The Center for Social Development at Washington University in St. Louis and the New America Foundation in Washington D.C., 2010