PR Newswire
BALTIMORE, Sept. 24, 2018
BALTIMORE, Sept. 24, 2018 /PRNewswire/ --
NEWS
T. Rowe Price's tenth annual Parents, Kids & Money Survey revealed an increase among parents of 8 to 14 year-olds in effective college savings attitudes and behaviors and a decrease in anxiety about college costs when compared with results from the ninth and eighth annual Parents, Kids & Money Surveys.
"This September we have a real reason to celebrate College Savings Month: More parents are doing the right thing to financially prepare for college costs," says Stuart Ritter, CFP®, a senior financial planner at T. Rowe Price. "A stronger aversion to student debt, increased usage of 529 college savings accounts, and a decrease in parents pulling money from college savings for other expenses are very positive developments.
"It's hard to say whether the 2018 findings are an anomaly or whether this may represent a shift in parents' thinking about college costs. For years, we frequently saw a mentality among parents of 'the best school at any cost.' With so many negative headlines about the burden of student debt, we may have reached a tipping point. We will look to the 2019 findings to determine if this is a new trend with staying power."
T. Rowe Price encourages parents to invest in their kids' futures by saving for their college education and discussing money matters with them at least weekly. The survey found that young adults, ages 18 to 24, who discussed financial topics with their parents when they were younger are more than twice as likely to have money saved for their own kids' college (14% vs. 6%).
To help parents discuss money with their kids, the firm created MoneyConfidentKids.com, which provides free online games for kids; tips for parents that are focused on financial concepts such as goal setting, spending versus saving, inflation, asset allocation, and investment diversification; and classroom lessons for educators.
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YEAR-OVER-YEAR COMPARISONS
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ABOUT THE SURVEY
The tenth annual T. Rowe Price Parents, Kids & Money Survey, conducted by Research Now, aimed to understand the basic financial knowledge, attitudes, and behaviors of both parents of kids ages 8 to 14 and young adults ages 18 to 24. The survey was fielded from January 16, 2018, through January 23, 2018, with a sample size of 1,013 parents and 1,000 young adults ages 18 to 24. The margin of error is +/- 3.1 percentage points. All statistical testing done among subgroups (e.g., those who had financial education vs. those who did not) is conducted at the 95% confidence level. Reporting includes only findings that are statistically significant at this level.
ABOUT T. ROWE PRICE
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) is a global investment management organization with $1.09 trillion in assets under management as of August 31, 2018. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com or our Twitter, YouTube, LinkedIn, Instagram, and Facebook sites.
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SOURCE T. Rowe Price Group, Inc.
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