Talent mobility is a characteristic trend of the 21st century. Young people from Latin America and Asia are moving to educational centers in the United States and Europe. According to the International Labour Organization (ILO), 86 million people work in places outside of their country of birth. This trend towards globalization is creating new challenges for higher education, and providing unprecedented opportunities to a new generation. As a result of a technology revolution, developed countries can reach the best talent from Asia, Eastern Europe, the Middle East and Latin America. Companies can communicate instantly with locations around the world, and transportation systems are geared towards increasing travel and contact around the world. A top notch education is critical to success in the workplace. However, costs for a four year education at the most prestigious universities in the United States can run upwards of $200,000 (as of 2009) and are growing at a 5% annual rate. Thus, an education savings plan becomes a necessary tool to pay for such an education. StateTrust Life and Annuities offers several investment options in the currency of your choice (which could be based, for example, on the currency of the country in which the education will take place). StateTrust offers two education plans:
- Scholar A variable multi-currency education plan offering a savings plan that invests in fixed and variable income funds and indexes, and that at the beginning of the education period will pay out to cover educational expenses.
- Eduplan A guaranteed return education plan offering a savings plan with a fixed return, that guarantees a certain amount of money to be paid out throughout the educational period chosen.