News Column

BRIEF: Most parents worry that college costs will hurt retirement savings: study

August 26, 2014

By Becky Yerak, Chicago Tribune

Aug. 26--Nearly two-thirds of parents with children ages 15 to 17 worry that college costs will jeopardize their ability to save for retirement, a new study shows.

The study, commissioned by Rhode Island-based retail bank Citizens Financial Group, also found that about 70 percent of parents with children ages 18 to 24 are concerned that an investment in college won't pay off in the future.

The survey comes on the heels of a survey showing that more than a third of Americans have no retirement savings.

The Citizens Financial survey also found that about half of parents don't have a plan to pay off their children's student loan debt.

Significant majorities of young adults said college debt will hurt their ability to buy a home.

Citizens Financial commissioned a survey of 5,000 U.S. adults by TNS Global from July 28, 2014 to Aug. 10, 2014, to gauge perceptions about financing educations, focusing on parents and young adults. The margin of error is 3.9 percentage points for parents of 15- to 24-year-olds, and 3.4 percentage points for adults ages 18 to 34.

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Source: Chicago Tribune (IL)

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