Savings in the News: Youth Edition

September 14, 2009
By Kevin Cafferty

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MONEYAISLE IS FREE

It's never too young to start saving, and with college tuition costs continually increasing it's never too early to start setting aside some money for that expense. Below are some excerpts from some recent online articles about youth and savings:

The News and Sentinel talks about encouraging kids to save:

Starting to teach young people now about the importance of saving helps them establish a foundation for making better financial decisions in the future, local banking officials said.

''The current economic situation has shown that individuals have relied too much on credit,'' said Larry Johnson, market president for WesBanco. ''When people are able to save, they are usually better off.''

BND.com brings saving for college, and all the issues that may bring with it, into the conversation:

Financial experts - and experienced parents - say it's best to be clear about who pays for what. Don't wait till that first sky-high cell-phone bill to discuss spending limits.

Talk about money - what parents will pay for (tuition, rent, etc.) and what the student will pay for (social life, Starbucks, etc.). Also talk about what happens, and who pays, when mistakes occur, like overdrafts, bounced checks or late payment fees.

Meanwhile, Kansas City.com highlights some online resources you can use to increase your college saving:

September — which is National College Savings Month — is the ideal time to be focusing on college affordability. According to a recent study by educational lender Sallie Mae and the Gallup organization, nine out of 10 parents of children under age 18 say their students will likely pursue higher education. That’s good. Now the bad: Four out of 10 have not started saving for that education.