African-American parents are creating opportunities for their children through higher education, and it’s a top priority, a survey from Northwestern Mutual states.
In a press release sent to EBONY, 56 percent of African-American parents are pursuing additional sources of income via side jobs in the form of part-time work, freelance gigs, and/or odd jobs to save for their children’s secondary education.
16 percent of respondents are using 529 plans.
43 percent of parents expect that grants will contribute to their child or children’s higher education. 40 percent expect the same of academic scholarships.
“African American parents have big dreams for their families and secondary education marks an important milestone in this journey,” said Francisca Brown, director of African American market strategy at Northwestern Mutual in the press release. “Our research demonstrates these parents are committed to making these dreams a reality, and it’s our job to provide the information and strategies to help them get there.”
The most common strategy used by these parents to achieve their savings goals is savings accounts, according to the survey.
For more information on strategies to save for secondary education, or to connect with a financial advisor, please visit https://www.northwesternmutual.com.