Are parents on track to pay for college?
WAUSAU, Wis. (WSAW) - With the cost of college continuing to rise amidst a pandemic that’s causing many Americans' wallets to take a hit, are parents still preparing to pay for their children’s college education? Fidelity’s College Savings Indicator Study has tracked savings habits for over a decade, and this year’s study finds good news: more parents are saving than ever before, even through the COVID-19 crisis.
Despite improvements to overall savings, parents still struggle to grasp key aspects of the college savings process. In fact, the study shows 32% of parents are not sure what college will cost by the time their child enrolls and most parents use their “own best guess” to estimate the cost. Parents also underestimate how much debt their children will be saddled with after graduation.
The study reveals 77% of parents agree college is worth its cost. So, what does your audience need to know to improve their college savings outlook?
On Friday, John Boroff, director of retirement and college leadership at Fidelity Investments, joined NewsChannel 7 at 4 to discuss the findings of this year’s study, including how COVID-19 is impacting parents' savings priorities.
For more information visit: FIDELITY.COM/SCORE
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