In today's rapidly changing economic landscape, proper planning has become more critical than ever. When it comes to saving for children's college expenses, accounting for inflation is a fundamental aspect that cannot be overlooked.
Inflation, the gradual increase in the cost of goods and services over time, has the potential to erode the purchasing power of your money if not factored into your financial strategy.
Rising Costs of College vs. Inflation
Did you know that in 1980, the price to attend a four-year college full-time was $10,231 annually – including tuition, fees, room and board, and adjusted for inflation – according to the National Center for Education Statistics? By 2019-20, the total price increased to $28,775. That’s a staggering 180% increase.
