Parents Choose Children’s Education over Personal Nest Eggs
A recent survey by Country Financial shows that many parents are reassessing where is the most important place to put their money. After three years of surveys where parents valued building a nest egg over saving for their children’s college education, the tides have turned.
More than 1,200 Americans were surveyed and 47 percent ranked saving for their children’s college education as more important than building their own retirement funds. This is completely opposite from last year’s results, when 47 percent of parents favored saving for their retirement than for their children’s college.
Fathers (50 percent) are more likely to favor saving for college than are mothers (38 percent).
Another interesting finding from this survey was that, despite rising college tuition and a weak economy, 79 percent of those interviewed think college is a good investment. However, 67 percent of parents say their children do not understand how expensive college really is and that they are worried about the rising cost of college.
Via The Sacramento Business Journal.