September 23, 2014
What if we told you that we know how to help New Yorkers double their earning power? The key to achieving this goal is clear – help more young people graduate from college.
In New York City, a college degree holder earns twice the median income of someone with a high school degree:
Above: Median incomes in New York City by educational attainment for adults 25 years and older. Source: U.S. Census Bureau, American Community Survey 1-Year Estimates (2012), Summary Table B20004; retrieved from American FactFinder; http://factfinder2.census.gov/.
There’s no doubt that sending children to college requires a student’s hard work, plus a lot of effort and planning. It also requires savings.
That’s why we’ve been celebrating College Savings Month, and posting on our social media about the importance of helping families save. Here’s a sample of some of the other facts we’ve shared that proves this point:
All this data clearly demonstrate the large impact that savings can have on a child’s future. It’s why we feel so strongly that government policies should support and enable families’ efforts to save. Our transition plan details our recommendations for the City, including:
We’re excited about these ideas, and the great work being done to promote New Yorkers’ financial security.
Stay tuned for more on our efforts to help families save for college and more!