Study: Majority of Parents Not Saving for College
Parents are fully aware of the rising costs of college, but the majority of parents have saved little or nothing for this anticipated expense, according to a new survey. Instead, parents are counting on financial aid or scholarships.
About 97 percent of U.S. adults who are parents of a child 18 years or younger expect their child to attend college, and 79 percent of these parents expect to pay some or all of their child’s college education expense, according to a new Wall Street Journal Online/Harris Interactive Personal Finance Poll.
But 26 percent of parents who expect to pay for some or all of their child’s college education say they’ve saved less than $5,000. Another 33 percent haven’t saved anything at all. Seven in 10 parents expect their child will receive scholarships or financial aid.
The online survey of 2,239 adults was conducted between March 8 and 10, 2006.
— Staff reports
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