A fifth annual survey from Discover Student Loans reveals that parents are increasingly expecting their children to take financial ownership of higher education costs.

The survey revealed that 48 percent of parents expect children to pay for most if not all of their college education, compared to just 39 percent in 2012.

Danny Ray, president of Discover Student Loans notes that with this increased financial responsibility comes the need to have serious conversations about how to proceed.

“With an increase in responsibility comes the need to be prepared, and we encourage families to have discussions early and often on how to pay for college,” he said.

This also brings into discussion the need for financial literacy education in America’s classrooms. Because most states do not require that financial literacy be taught in schools, most students never have the option to learn money management skills and financial responsibility before taking out their first student loans.

The lack of knowledge of financial opportunity is even further evident in other results from the Discover survey.

The survey also revealed that while most students are taking on the burden of covering college costs, many do not take advantage of federal aid available to them.

“…the majority of college-bound students appear to be missing out on an opportunity for federal student aid. According to the 2016 survey, only 44 percent of families completed the Free Application for Federal Student Aid (FAFSA).”

Young adults are aware that they could benefit from financial literacy courses. Last week, a survey from the National Financial Educators Conference found that above any other subject, students think that a money management course would be the most beneficial to their lives.

Nicole Gorman, Education World Contributor

5/9/2016