LAS VEGAS – While both the importance and cost of a better education continue to rise, new evidence outlined in the 13th edition of “High Net Worth Report” series published by The Private Bank by Nevada State Bank shows that students from higher income families have better educational outcomes, all the way from elementary school through college.
Highlights from the report include the following:
- Students who attend public elementary or secondary school in higher income zip codes have better overall educational outcomes than students who attend schools in lower income areas. In fact, students who attend school in zip codes where the median income is greater than $77,506 (40 percent above the state median income) are more likely to attend a school that ranks in the top 25 percent of all Nevada schools, according to results from the Nevada School Performance Framework. While living or attending school in a particular area does not guarantee a better or worse education, this analysis suggests that, on average, where students attend school does matter.
- Nevada college students who need financial aid are likely to find that there are insufficient resources to meet their needs. In 2012, the average unmet financial aid need was more than $5,000 per student, and overall, $368.7 million in financial need went unmet in 2012. While more affluent families are less likely to need financial aid to support their students’ educations, the fact that there is not sufficient aid available suggests that planning for funding college educations should start early.
- Students from higher-income families are more likely to attend a college or university that is a good match for their academic abilities, while students from lower-income areas are more likely to attend schools that are close to their home. As a result, higher-income students are more likely to receive an education that aligns with their abilities. Meanwhile, because there are few options for high-achieving students, Nevada’s lower-income students may not be able to achieve their full academic potential.
“Education is not only an important issue on every parent’s mind, but it is central to Nevada’s health and vitality,” commented Russell Price, executive vice president of The Private Bank. “High net worth individuals should consider how the availability of educational opportunities will affect the future of both their own children and their community. Regardless of income level, education planning is best started early in a child’s life. Moving forward, our community must continue to focus on providing the best possible opportunities for all students.”
The Private Bank publishes the “High Net Worth Report” monthly. Briefings are available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4812.
About The Private Bank by Nevada State Bank
The Private Bank by Nevada State Bank provides a full range of personalized financial servicesfor high net worth and high-income clients, including deposit and lending services and wealth management planning. The Private Bank by Nevada State Bank is an unincorporated division of Nevada State Bank that provides specialized banking services to significant net-worth clients. Nevada State Bank is a full-service retail bank that has been chartered by the state of Nevada and is insured by the FDIC.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank, with assets of more than $4.0 billion, is the largest state-chartered bank in Nevada. A full-service bank with 50 branches statewide, Nevada State Bank offers complete range of consumer, private and business banking services. It is a subsidiary of Salt Lake City-based Zions Bancorporation (Nasdaq: ZION), one of the nation’s premier financial services companies. With affiliates in 10 Western and Southwestern states, 140-year-old Zions Bancorporation has assets of $55.2 billion. For more information on Nevada State Bank, call 702.383.0009 or access www.nsbank.com.