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Parents Save More for Sons Than Daughters

September 25, 2017
 
 

When it comes to their parents saving for college, boys might be better off.

Comparing families in which the children were all one gender, a study from T. Rowe Price found that parents of boys are more likely to save for their children’s college than parents of girls. 

Families with children of multiple genders were not measured, but the results of the study are telling for the families it did examine: 50 percent of families with boys had money saved for college, compared to 39 percent of families with girls.

Saving for their children’s college expenses was also more important for families with boys, with 68 percent reporting that it was a higher priority than saving for retirement. Only 50 percent of families with girls felt the same.

Additionally, while 60 percent of families with boys reported that they would consider sending their son to a less-expensive college in order to avoid taking on loans, 72 percent of families said the same for their daughters.

"Looking at the breadth of the results, it suggests there are some antiquated viewpoints on gender out there," Roger Young, a senior financial planner with T. Rowe, told CNBC. "Just take a hard look at your level of financial commitment and make sure you're not short-changing your girls."

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