Millennial parents are far more likely than their predecessors to save for their children’s educations and far more of them want to pay the whole tab for college, according to a survey.
Whether they will be able to do so is questionable, though, given the relatively small amounts most have saved so far.
Seventy-four percent of parents aged 30 to 34 polled for the 2015 Fidelity Investments College Savings Indicator have put aside money for college, compared to 58 percent of parents the same age who were polled in 2007.
Nearly half (48 percent) of the group born between 1981 and 1985 plan to pay for all college costs, compared with just 16 percent of parents the same age in 2007, according to the survey conducted for Fidelity by Boston Research Technologies.
In my latest for Reuters, a look at why Millennials want to cover all college expenses for their children.
In my latest for DailyWorth, everything you need to know about debt consolidation.