Friday, May 8, 2015

Families saving less for college, investing poorly - Kelli B. Grant, CNBC

A majority of Americans believe college is an investment in their child's future, but it's one they're not adequately preparing for. Only 48% of parents are saving for their child's education, down from 51% last year, according to Sallie Mae's new "How America Saves for College 2015" report, which surveyed 1,988 parents with children younger than age 18. Families' average college savings balance has decreased, too, dropping 25% from $13,408 in 2014 to $10,040 in 2015, the lowest level in three years. That, despite 89% of parents telling Sallie Mae they expect their child to attend and benefit from college and 84% saying they're willing to stretch financially to make that college dream a reality.

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