Press release
Fifth Third Offers Tips to Set Up New College Students for Financial Success and Independence
Many High Schools Lack Financial Education; Parents Can Provide Guidance CINCINNATI--(BUSINESS WIRE)-- Currently, only 23 states require a personal finance
About this update from Fifth Third Bancorp
[{"type":"text","content":"\nMany High Schools Lack Financial Education; Parents Can Provide Guidance\n\n\n CINCINNATI--(BUSINESS WIRE)--\nCurrently, only 23 states require a personal finance course in high school, according to Next Gen Personal Finance. That means the responsibility of teaching recent high school graduates may be on parents' shoulders. And, according to a consumer survey1 from Fifth Third Bank, only 1 in 10 surveyed believe students are well-prepared with financial education for the real world.\n\n\nIf you have a high schooler who is heading off to college, it’s time for some real talk about money. Be open and transparent about the cost of college and how that is being funded. It is important for students to understand how to stay on budget to limit the calls home for money. And consider what surveyed consumers wish they had been taught earlier: savings. Specifically, the importance of savings, starting to save sooner and how to build savings into their budgets.\n\n\nBudget time\n\n\nRegardless of whether a young adult is going to school or work, you can help them get on the right financial path by providing detailed information on budgeting and asking them for a plan. Having them create the plan with your guidance will instill a sense of ownership. Agree together on the budget and then monitor progress on it once a quarter or semi-annually. If there are missteps, talk about them and work together to identify a solution.\n\n\nTools like a college savings calculator can help your child understand how much college could cost and potential savings needed. Fifth Third also offers a student budget calculator and tips on why you need a budget.\n\n\nFinding and knowing your banker\n\n\nBefore your child heads off to college, research banks with branches closest to their campus. Go with them to meet the bankers, open an account if they don’t already have one, and talk about their financial goals.\n\n\nThis also is a good time to discuss bank accounts if you haven’t already. Introduce information such as ATMs and related fees that might be associated with them, balancing their accounts, overdraft fees, budgeting and “smart” savings programs.\n\n\nEstablishing and managing credit\n\n\nEstablishing credit is an important rite of passage toward adulthood, and it’s something that can have a big impact on your children’s quality of life. Some ways to ...