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Retirement Planning > Saving for Retirement

How Parents Manage Competing Saving Goals

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A study finds 29% of parents feel they are being successful at juggling retirement and college savings.

The study by Edward D. Jones & Company L.P., St. Louis, also found, however, that 31% are favoring one of these rival savings goals over the other, while 26% aren’t saving for either retirement or for their kids’ college education.

Younger parents, ages 35 to 44, are more likely to save equally for retirement and college education (37%), than are older parents, ages 55 to 64 (23%).

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The study of 1,497 parents, conducted by Opinion Research Corporation found men are slightly more likely than women to save equally for both retirement and college (31% and 27%, respectively). On the other hand, 29% of women revealed they are not saving at all for retirement or their child’s education, compared with 23% of men.

More respondents are choosing to only save for retirement (22%) rather than just their child’s college education (9%). The survey also showed 37% of parents ages 18-34 are not saving for retirement or college at all.