As college tuition skyrockets, parents are increasingly facing immense financial pressures that encourage them to make sacrifices, such as delaying retirement or taking on extra jobs. A recent survey reveals that 60% of parents are seeking alternative funding methods beyond traditional savings plans. Experts warn that these actions can jeopardize their own financial futures, as many families lack a solid strategy for saving, relying instead on rough estimates to navigate their children's educational expenses amid rising costs.
Pam Krueger, investment advisor and founder of Wealthramp, highlighted that many parents are jeopardizing their financial futures by pursuing side gigs and withdrawing retirement funds to finance their children's college education.
Tony Durkan, vice president of 529 college savings at Fidelity, noted that increasing tuition, inflation, and uncertainty about future costs are pressuring families to rely on inadequate financial strategies.
Collection
[
|
...
]