Posts Tagged ‘American College’

Teens Take Action

May 29th, 2013, Comments Off.

When it comes to preparing for future college costs, teenagers are taking action, helping parents both research how to pay for school and contributing to the family’s college savings fund. This is according to Private College 529 Plan’s first annual Teen College Savings Barometer, a new study of 1,000 teenagers (13-17 years old) commissioned by Private College 529 Plan, a prepaid tuition plan sponsored by more than 270 private colleges and universities.

Almost eight in ten teenagers interviewed said they personally conducted research to learn about the best way to pay for their own college education. This compares to only 60% of teenagers interviewed who said they personally conducted research about purchasing their first car. The vast majority (93%) of teens interviewed indicated that college savings planning was very or somewhat important to them.

Two-thirds (67%) of teens interviewed said they were very or somewhat involved in their family’s college savings planning process for their personal education.

The groups most likely to say they were very or somewhat involved are:

  • Girls (72% compared to only 63% of boys).
  • 17 year olds (75% compared to only 65% of teens ages 13-16).
  • Black teens (81% compared to only 64% of Hispanics and 63% of Whites).

Two-thirds (66%) of teens said their parents discussed their efforts to save for their college education with them.

Teens in the Northeast were most likely to say their parents discussed their efforts to save for college with them (73%). Those in the South (66%), West (65%), and Midwest (61%), trailed behind.

Over half (54%) indicated they have any participation in the financial contributions that are made towards their college education savings fund. Thirty-seven percent indicated they contribute money they earned themselves (breaking down as 15% who said they contribute on a regular basis, and 22% who contribute once in a while) and 17% indicated that they contribute monetary gifts they have received instead of spending the money elsewhere.

In comparison, 37% of teenagers interviewed said they have made a financial contribution toward the purchase and/or subsequent payments associated with their first car. 27% indicated they contribute money they earned themselves (breaking down as 13% who said they contribute on a regular basis and 14% who contribute once in a while) and 10% indicated that they contribute monetary gifts they have received instead of spending the money elsewhere.

Only 14% of respondents interviewed said they know what a 529 plan is.

Almost three-quarters (73%) of teens interviewed said they felt very or somewhat confident in their understanding of the best ways to save for their future college education costs.

Interestingly, the percentage of teens who are very confident in their understanding decreases as they get older: 36% of 13 year olds, 27% of 14 year olds, 23% of 15 year olds, and 19% of 16-17 year olds.

Teens gave their parents the highest ratings with regards to educating them about their future college education costs and the best ways to save for these costs in order to avoid student loan debt. Friends received the lowest score.

Three-fifths of teens interviewed (60%) said they expect to have to take out student loans to pay for any portion of their future college education costs.

Interestingly, those in the Northeast (68%) and Midwest (64%) were more likely to say they expect to take out student loans, compared to 56% of those living in the West and 55% of those living in the South.

The survey was conducted online among a sample of 1,000 teenagers 13-17 years of age living in the U.S., comprising 500 boys and 500 girls. It was administered from March 6-12, 2013, by ORC International.

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By Ayo Mseka
Editor-In-Chief
Advisor Today

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Two NAIFA Members Receive American College’s Highest Honor

January 24th, 2013, Comments Off.

Peter C. Browne, LUTCF and Alan Press, CLU, LUTCF

Peter C. Browne, LUTCF, co-founder and longtime manager of Price, Raffel and Browne, an Ameritas affiliate, and Alan Press, CLU, LUTCF, former CEO of the Wealth Advisory Group, were recently awarded the Huebner Gold Medal in Chicago. The Huebner Gold Medal is the highest honor bestowed by The American College.

“Of the over 160,000 graduates of The American College, only 67 individuals have received the Huebner Gold Medal. Both Peter and Alan embody the ideals upon which The American College was founded more than 86 years ago. They are living examples of what every financial services professional should aspire to become,” says Dr. Larry Barton, CAP, president and CEO of The American College.

The Huebner Gold Medal is named for Dr. Solomon S. Huebner, founder of The American College, and has been awarded annually since 1975. It honors individuals whose support of The College and its programs, and whose dedication to education and professionalism, have been of particular meaning to the mission and progress of the institution.

Browne has served as president of the New York State Association of Insurance and Financial Advisors, and its New York City chapter. He is a member of the Board of Directors of the LIFE Foundation and past Treasurer and Trustee of the NAIFA Board. In addition, Browne is a member of the Board of Trustees of The American College and is a past Trustee in the National Board of LUTC. He holds the distinction of Top of the Table membership in MDRT for 27 consecutive years.

Press earned his CLU and LUTCF designations from The American College. He joined The Guardian Life Insurance Company of America in 1956 and has been an agent and a supervisor. He was named a general agent in 1964. Currently, Press is a senior vice president and the past CEO of the Wealth Advisory Group, LLC, a Guardian general agency in New York City.

With more than 55 years of experience in financial services, Press has served as the president of important insurance industry associations, including the New York City and New York State Associations of Life Underwriters and NAIFA, and was a trustee to The American College.

Press has also testified before the U.S. Congress on numerous insurance issues. He has received prestigious industry awards, including the John Newton Russell Memorial Award in 1991, and was inducted into the GAMA International Management Hall of Fame in 2000.

Browne and Press’ names will be added to the Huebner Gold Medal Recognition Wall located on The American College’s campus. The wall features the names of every medal recipient since the award’s inception.

 

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