Parents have traditionally pondered about when to start saving for their children’s college education. In today’s scenario, starting early is crucial due to the escalating tuition costs and the difficulty parents face in saving enough to support their kids through college.
A recent survey by Student Loan Hero revealed that less than a third of parents believe they will be able to cover their child’s college expenses entirely. This has led to many parents realizing the challenges of saving for education, with almost half regretting not saving more. To exacerbate the situation, some parents are still grappling with their own student debt while attempting to fund their children’s education.
For many, the reality of saving for their kids’ education has turned out to be more challenging than anticipated, with 80% acknowledging the difficulty. Given the exorbitant cost of college, it is unlikely that most parents will be able to fund their children’s education entirely. Balancing various expenses alongside tuition fees often requires prioritization. Although the expense of raising a child is significant, tuition stands out as the largest financial obligation. Therefore, beginning to save strategically at an early stage is crucial. By initiating savings early, parents can gradually build up the necessary funds, thereby securing their own retirement while also providing a brighter future for their child.
