Money News
11th August 2008
11-year-old children saving for college
Schoolchildren are starting to save towards higher education from as young as 11, in the face of the soaring costs of taking a degree.
According to research conducted by The Children's Mutual and compiled by the Social Issues Research Centre (SIRC), young men are most likely to be building up a college nest egg - with 32 per cent putting money aside to help them through college.
This compares with 28 per cent of women who had begun accumulating funds for this purpose.
According to the Children's Mutual, said the trend can be attributed in part to younger family members witnessing the debts built up by older siblings who have already begun their time at university.
David White, chief executive of company, said: "It is becoming increasingly apparent that we need a sea change in the way that many parents and their children fund university.
"It is great to see that today's teenagers are aware of the costs involved with going to university and are taking steps independently to try and avoid the high levels of debt that are now common amongst graduates."
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