Tag: saving for college

Parents these days are expected to pull off a financial Mission: Impossible. Cover the monthly bills, pay down debts, help elderly parents, save for retirement and for kids' college costs, all with incomes that may have been flat for years.

Facing such a demanding feat, here's some advice you may not often hear: When it comes to your kids' college costs, maybe you are doing too much.

To wit, 42 percent of parents are actually losing sleep over college costs, up from 28 percent just two years ago, according to new data from the Parents, Kids & Money survey by Baltimore-based money managers T. Rowe Price.

Parents, particularly those under 35, are increasingly confident they can afford college for their children, but underlying that optimism is a hint of caution. A new survey from student loan lender Sallie Mae warns that if economic growth does not keep up with inflation, then they may not have enough despite their best intentions.

The latest “How America Saves for College” report, released by Sallie Mae on Thursday, finds that the number of parents saving for college jumped to 57 percent, from 48 percent last year. The average amount saved is now $16,380, up from $10,040 in 2015 and $15,346 in 2014.