Parents Prefer Later Retirement to More College Debt

January 7, 2008 (PLANSPONSOR.com) - The vast majority of parents would push off retirement - at least briefly - to ensure that their kids could attend the college of their choice without taking on more debt.

The  online survey – conducted by Savingforcollege.com LLC – found that 80% of some 688 respondents said they would be willing to postpone their retirement by two years if it meant their child would be able to attend their college of choice without taking on more debt.

Fewer than one-in-ten said they would tell their child to find a less expensive college, while 6% said they (or their child) would instead take on more debt to pay for the college instead of delaying their retirement.

Four percent indicated they didn’t know, or “other.”

“The results clearly show that parents are willing to make a substantial sacrifice in delaying their retirements to help their children go to their first-choice college,” said Joseph Hurley, founder of Bankrate-owned Savingforcollege.com.

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