Saving up money is obviously key to a college career, but a recent study found that a savings account in the child or teen's own name makes that student six times more likely to go college.
The study focused on high school students who planned to go to college and found that the kids that had a savings account between the ages of 12 and 15 were more likely to attend college later on. The study included accounts with low balances, reasoning that the true benefit was the sense of owning the account.
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Study Finds Savings Account Helpful: Students With Account More Likely to Go to College
By Eva Recinos
Article posted on 5/21/2011
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