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Uncertain Economy Takes Toll on College Savings, Survey Finds

February 26, 2013
 

Despite headlines about the rising price of a college degree, fewer families are saving money for college and fewer have a plan to pay than in the past, according to a survey released today by Sallie Mae. The annual survey about families' saving habits found that only 50 percent of families with children younger than 18 were saving for college, a drop of 10 percentage points from 2010. On top of that, 16 percent of respondents said they were saving less than the previous year, citing unexpected expenses, higher cost of living, and lower income. When asked to describe their feelings about saving for college, parents were more likely to say that they felt overwhelmed, annoyed, frustrated, or that they don't like thinking about it than they were to say they were confident.

 

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