COUNTRY Insurance & Financial Services News
Retirement or College? America has Split Priorities
BLOOMINGTON, Ill.,
The survey of 3,000 adults responsible for a child's education also finds young parents and lower income groups (with a household income of less than
"Saving for college education and for retirement are each important, but retirement comes first," says
Americans Lack Knowledge: — Four-in-ten (40 percent) are unsure or do not think they have enough knowledge to make the right financial decisions about saving for college. — Many underestimate the expense. One-quarter (25 percent) think it will cost less than $50,000 to send children in their care to college. In reality, many studies show the average cost of attending four-year universities already surpasses $50,000. Despite the rising cost of college education: — A vast majority (78 percent) of Americans still view college as a good investment. — A majority of parents (62 percent) still plan to take responsibility for funding the bulk of college costs.
For more information on Americans' sentiments about financial security, please visit http://www.countryfinancialsecurityindex.com.
The COUNTRY college funding survey is based on a national telephone survey of at least 3,000 Americans who expect to be responsible for paying for a child's education, and is compiled by Rasmussen Reports, LLC, an independent research firm. The margin of sampling error for a survey based on this many interviews is approximately +/- 3 percentage points with a 95 percent level of confidence.
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