"Fewer parents are planning to use retirement funds to pay for their child's college education, according to Sallie Mae's annual college savings report," Cleveland.com reports.
"The number of parents responding that they are planning to use retirement funds for college expenses halved from 2016 to 2018 from 20 percent to 10 percent. The amount of people who said they wouldn't use retirement money to pay for schooling went up to 69 percent from 60 percent.
Sallie Mae, a financial service company, teams up with Ipsos, a market research company for "How America Saves for College." The report, published since 2019, looks at attitudes toward college affordability and saving for college.
This year, Ipsos conducted online interviews with 2,003 parents who have children under 18.
Along with being less likely to use retirement funds, more parents think that their child should have some responsibility when it comes to paying for college. That percentage went up to 59 percent from 51 percent."
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Publication Date: 5/18/2018