NU Online News Service, June 23, 2004, 12:10 p.m. EDT
Only 13% of parents of young children plan to use state-sponsored or federally sponsored college savings programs.[@@]
The Million Dollar Round Table, Park Ridge, Ill., published that conclusion today in a national press release summarizing a recent survey of about 700 U.S. parents of children under 18.
MDRT, a group that represents successful financial advisors, is using the release to promote the idea that parents ought to talk to advisors about developing sound financial plans. “Each family’s situation differs and the tools used to achieve a plan also differ,” MDRT says in the release, which was issued through the PR Newswire press release distribution service.
The researchers who conducted the survey also found that 68% of the survey participants said they feel stressed about the responsibility of saving for their children’s college education.
Many parents are making some efforts to save for their children’s college education, but about one-fifth are not making any financial plans at all, and 19% are counting on scholarships, financial aid and inheritances to pay for college, MDRT says.