Saving for postsecondary education
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In 2009, there were 8.3 million parents financially responsible for a child under 18. Parents in all income groups place a high value on saving for their child's postsecondary education.
Over 8 out of 10 (83%) of the 2.1 million parents with a household income above $120,000 were saving for their child's postsecondary education in 2009. The proportion falls steadily for each lower income group. Of the 1 million parents with a household income below $32,000, 48% had such savings.
In the lowest-income households, proportionally more parents were setting aside money only for their child's postsecondary education than were saving for their own retirement (26% versus 14%). Another 21% were doing both, while 39% of parents with the lowest household incomes were doing neither, compared with 2% of parents with the highest household incomes. As incomes increase, so do the shares of parents saving for both.
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