July 4, 2022

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More high schoolers are saving money for clothes than college, survey finds, raising need for student loans – Fox Business

Although many high schoolers are saving for clothes than college, it's never too early to start.......

Although many high schoolers are saving for clothes than college, it’s never too early to start thinking of college financing and a debt repayment plan.  (iStock)

Preparing for college is an exciting time in a high school student’s life, but many teen consumers have prioritized saving money for buying clothes over saving for college, according to a Capital One survey of more than 1,000 12-18 year-olds. 

While about a third (36%) of respondents said they’re saving up for college, 42% said they’re saving money to buy clothes. Gen Z consumers are also saving for a car (38%), a computer or gaming system (36%) and future expenses (35%).

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Of those surveyed, nearly 80% said they wish they were taught more about financial literacy in school.

Building a robust savings plan is an important part of paying for college. However, skyrocketing tuition costs make it difficult for students to finance higher education costs without taking on debt like student loans.

Keep reading to learn more about how rising college students can financially prepare for the years ahead, including borrowing student loans. You can learn more about private student loans and compare offers from multiple student loan lenders at once on Credible.

How to prepare your finances for going to college

Budgeting and saving for college in advance can be a good way to cut down on borrowing costs and pay less interest charges while you earn your degree. In reality, though, the cost of college is too high for most aspiring students to afford …….

Source: https://www.foxbusiness.com/personal-finance/teenagers-saving-for-college-survey