Parents expect kids to foot more of their college bill: Study
(Fox News) - As the cost of college in the U.S. continues to rise, parents are saving more for their child's higher education expenses - but are not expecting to foot the entire bill themselves.
According to a new survey from Fidelity, parents expect their children to pay a larger share of the costs - an average of $15,385. That's up from $12,431 in 2016. Less than half of parent-respondents reported feeling as though it was their obligation to cover college expenses themselves.
At the same time, more parents are postponing having the discussion with their child about how much they expect them to contribute to their own education. Forty percent of people with sophomore-age children or older hadn't communicated those funding expectations, up 9 percentage points over 2016.
Thirty-seven percent of parents are starting to save for higher education costs before their child turns 2, Fidelity reported. Despite this, just over one quarter of savers report being on track to meet their college funding goals.
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