According to new Upromise by Sallie Mae research, three
generations agree on one theme: money for college is high on their wish
list this holiday season.
Most Millennials (70%) say they’d like a gift of money for college and
Gen X parents (54%) hope their children receive money for college.
Luckily, nearly half (42%) of Boomers would like to give money for
college as a gift.
Regardless of age, you’re more likely to shop online this holiday, says
the new survey. Millennials are most likely to shop online to save time
(81%) and money (60%), closely followed by Gen Xers. One out of five
millennial shoppers plan to spend less than last year by stretching
spending with online (87%) and in store (69%) coupons, browsing online
for the best prices and leveraging rewards programs. Gen Xers are highly
cost conscious, trailing slightly behind Millennials in nearly each way
to save. Grandparents are the most likely to save by using in-store
“Coming out of the recession Americans are increasingly looking for
practical and meaningful gifts, such as the gift of education,” said
John Ward, senior vice president, Sallie Mae. “Every bit helps and by
joining Upromise for free and shopping you can receive cash back to help
save and pay for college for yourself or a child.”
Last year during the holiday season Upromise members received $14
million in cash back for college. Shoppers can give and receive by
starting their shopping at Upromise.com where they can earn 5 percent
cash back for college or 10 percent with the Upromise MasterCard at
hundreds of major online retailers. Additionally, each Tuesday, savings
will increase to 10 percent on select merchants. For those looking for
coupon codes, Upromise features available promotions, coupon codes, and
Upromise by Sallie Mae is free to join and members have earned nearly
$800 million in cash back for college. Hundreds of companies have joined
forces to help families save money for college through everyday
purchases, online shopping, booking travel, or dining out. Rewards can
be invested in a 529 college savings plan, used to help pay down an
eligible Sallie Mae student loan, deposited into a Sallie Mae High Yield
Savings Account or requested by check.
Sallie Mae (NASDAQ: SLM) is the nation’s No. 1 financial services
company specializing in education. Celebrating 40 years of making a
difference, Sallie Mae continues to turn education dreams into reality
for American families, today serving 25 million customers. With products
and services that include Upromise rewards, scholarship search and
planning tools, education loans, insurance, and online banking, Sallie
Mae offers solutions that help families save, plan, and pay for college.
Sallie Mae also provides financial services to hundreds of college
campuses as well as to federal and state governments. Learn more at SallieMae.com.
Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are
not sponsored by or agencies of the United States of America.
Copyright Business Wire 2013