Should You Make Kids Save for College?

by Kori Rodley Irons | More from this Blogger

When my kids were younger, we had a rule that a percentage of their money needed to go into savings--this went for earned money, birthday and gift money and other money that came their way. Over the years, with two households and two separate sets of rules, that "savings plan" has come under attack and while saving is still stressed at Mom's house--it isn't necessarily the rule of the family any longer.

I always admired families who had a "college fund" that the kids contributed to, and I'm definitely on board with teaching kids how to tithe and save. As someone who saved her own money to get her first apartment and had to pay her own way to college (which is part of the reason it took nearly twenty years)--as well as my own experiences as a single, self-supporting parent--I put a high priority on learning the realities of finances and financial independence. Still, I find that there are mixed opinions out there about whether or not parents should and can MAKE their children (particularly when they hit the teenage years) save money for college.

Other parents have told me that they think it is the parent's "job" to pay and find a way to take care of the child's financial needs when it comes to education and college. Still others are reluctant to insist their children save money since they are children and they will have their entire adult lives to worry about financial realities. One parent told me that he thought having a college savings account would impede his child's ability to qualify for grants, scholarships and student loans.

I'm interested in what you think about whether or not kids should be encouraged (or "made") to save for college. We're such a diverse group of folks here with various opinions, I'd love to hear ideas and suggestions for thinking about the "saving for college" question?

See Also: Should Teens Receive an Allowance if They Are Working? and Teaching Your Children the True Value of the Dollar

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