Additionally, the survey found that 41 percent of adults and 35 percent of teens believe that attending a big name school is important, but not necessary to get ahead. Teens today are also split on the value of an education from a big name school, as 17 percent of teens believe the expense is worth it because the name will help secure employment, compared to 13 percent of teens who believe an education from a big name school is less influential in securing employment.

According to Stuart Rubinstein, managing director, investment products, TD AMERITRADE, the volatile economy paired with rising education expenses is behind the findings.

“The recent economy has definitely had a profound impact on how we view higher education today,” Rubinstein said. “Education can be costly for those who are not prepared, and building a foundation for college expenses early will help alleviate financial challenges when it comes time to enroll.”

While education expenses continue to grow year after year, the news isn’t all bad. Today’s teens are ready to help – 78 percent say they would like to establish a plan that includes them and their parents splitting the cost of higher education, compared to just 41 percent of adults who report doing the same when they were teens. More than half of today’s teens (54 percent) also report that while they are interested in saving for college, they don’t know how to get started.

TD AMERITRADE offers families the following tips to help them properly prepare for education expenses together, no matter what school they choose to attend or when they begin their planning:

1. Get an Early Start

The first step is for parents to start a savings and investing plan early – even if they can only afford a small amount – and contribute to it regularly, increasing the contributions when they can. If parents expect their children to contribute, they should set that expectation early and have the teens contribute as they begin to work.

2. Assess the Details

Parents and teens should analyze their current situation together, taking into account what they already have saved for college and how long it will be before the first year of school begins. TD AMERITRADE provides a college planner to help them determine savings goals for college tuition costs and calculate the amount to be invested each year to meet that goal.

3. Select an Education Savings Vehicle

After parents and teens have assessed their financial status and anticipated their impending needs, the next step is to compare the features of different education savings choices, such as a 529 College Savings Plan, custodial account, or Coverdell Education Savings Account, to determine which may be the best fit.

4. Monitor Your Financial Progress Together

It is not enough to simply establish a savings plan. You must monitor your progress along the way to ensure your strategy is helping you stay on track to meet your financial goals. Keeping score along the way is an important responsibility that can be shared by both parents and teens.