Figuring out how much to pay for their child’s college education is always a big decision for parents.
A survey was conducted by PriceEconomics.com on this very subject.
9% of parents will pay for the majority of the college education.
11% of parents will pay at least half. So, 1 in 5 parents will pay at least half of their child’s college education.
35% of parents will pay a little bit, and 45% are not expecting to pay anything. So, the majority of parents are at most only contributing very little or nothing to a college education.
What does financial adviser Rick Reagan think of this?
It would be great if parents could pay for some of the college education, but if that spending is coming at the expense of saving for retirement. You should save for retirement.
They’ve got the rest of their working career to pay back those loans, while you’re not going to have anyone loaning you money to fund your retirement.