Among parents who have had a child in college within the past 10 years, 53% say they didn’t save enough for college, and 55% wish they had started saving earlier, according to a new survey commissioned by John Hancock Financial Services Inc.
About 57% of the participating parents said they didn’t really save for their child’s education, and 17% said they did not even start thinking about saving for college until their children were between 16 and 20 years old.
Not surprisingly, 54% also said they’d be paying off student loans for years, according to the “Wish I Knew” survey sponsored by Hancock, Boston, a unit of Manulife Financial Corp., Toronto.
Respondents said they wished they had known or done a number of things earlier to prepare for the costs of college. Among the items they wish they had known: How expensive college really is (45%); how scholarships and awards are determined (41%); and how to start a 529 savings plan (36%).