Stay Informed!

By Stephanie Halligan on 09/01/2011 @ 10:30 AM

Tags: Children's Savings Accounts, Matched Savings

A new report from the Georgetown University Center on Education and the Workforce finds that a person’s earning power is increasingly linked to a college degree. The report, The College Payoff: Education, Occupations, Lifetime Earnings, analyzes lifetime earnings for all education levels and earnings by occupation, age, race/ethnicity, and gender. The report finds that those with a bachelor's degree now make on average 84 percent more over a lifetime than those with only a high school diploma.

Post-secondary education is a critical component of an individual’s economic security. We also know that assets and savings play a key role in increasing college success for low-income, first-generation students. Recent research shows that young adults with school savings as adolescents are approximately two times more likely to be in college or have earned a degree. Similarly, when children have a savings account in their name, they are seven times more likely to attend and complete college than similar youth who do not have an account. This is regardless of race or socioeconomic status.

Through initiatives like the Partnership for College Completion and partnerships with school districts and municipalities, CFED is dedicated to closing the college completion gap for low-income families by promoting the availability of children’s savings accounts. For more information on CFED’s current children’s savings account initiatives, please visit our Asset Building for Children Initiatives page.

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