The parents of college students are paying for skyrocketing tuitions with money that would otherwise go to their own retirements.
That’s according to T. Rowe Price’s “Family Financial Trade-offs Survey,” which polled 2,000 parents nationwide with a retirement account and children ages 15 or younger.
Fifty-two percent of the parents polled said that it was more important to save for their children’s college than it was for their own personal retirements.
Fifty-three percent of parents agreed that they would rather take money from their own retirements than have their children take on student loans. Awareness of the impact student debt can have on the ability to live comfortably may contribute to this, as 44% of parents who themselves took out loans to pay for college said that those loans negatively impacted their ability to save for retirement.