Poll Recap:
When it comes to funding our kids’ college education, Axiom readers are outliers. A recent report shows that American parents are paying 23% of their kid’s college costs out of pocket[1].
Adding those parents who borrowed to pay for their child’s tuition, the percent of college costs covered by American parents today is 31%.
Axiom readers are different. Nearly 2/3 of Axiom readers paid for at least 50% of their child’s college, and almost one fourth of those who took our poll paid for all of their child’s higher education.
Less than five percent of Axiom parents let their child pay for their own college.
When it came to how to fund a child’s tuition, Axiom readers agreed: it’s a bad idea to use retirement funds or delay funding retirement to pay college costs.
Unknown – if parents took their own advice and actually left their own retirement savings alone, or knew touching their retirement was a bad idea, but did it anyway. We might have to host a follow-up poll to find out.
[1] https://www.cnbc.com/2017/07/18/how-parents-are-paying-for-their-kids-college.html
