Parents are Getting Smarter About Saving for Kids' College Costs
Parents of eight to 14-year-olds aren’t as stressed about saving money for college costs and are getting smarter about covering the costs as compared to previous years, according to a new report from T. Rowe Price.
As part of its annual Parents, Kids, & Money Survey, T. Rowe Price asks parents about college costs and how they’re dealing with them.
This year’s report found fewer parents are losing sleep over college costs, 27% as compared with 41% in 2017. More parents are using 529 college savings accounts, 44% in 2018, as compared with 27% in 2017. Parents are also getting smarter about their money with 74% willing to send their kids to a less expensive school to avoid student debt, as compared with 62% in 2017.