Out of the top financial issues that Americans are worried about, paying for their children’s college educations is the biggest worry for parents.
This data comes from the annual information in Gallup’s 2001-2015 Economy and Personal Finance survey.
Seventy-three percent of parents with children under 18 years old told Gallup that they are worried about funding their children’s education.
Concern about the ability to pay for children’s college education occurred across all income groups, with the percentage of worry increasing as the household income level decreased.
Families with an income of less than $30,000 had the largest amount of concerned parents, with 85% worried about college funding.
Seventy-five percent of parents with household income levels between $30,000 and $75,000 and 73% of parents with household incomes between $75,000 and $100,000 said they are worried about funding their children’s education.
Even among parents with household incomes of more than $100,000, more than half (61%) are worried about college funding.
Lower-income Americans are more worried about paying for their children’s education (73% worried) than they are about other financial concerns like covering medical costs after an accident or serious ailment (70% worried).
Another top financial concern for most of the subgroups in the survey is having enough money for retirement, a concern that has been the top overall financial concern across all groups for all 15 years that Gallup has conducted this survey.
The groups that are most concerned about retirement savings are 30- to 49-year-olds (69% worried), followed by parents with children under 18 and 50- to 64-year-olds (68% worried).
Gallup’s overall data was based on phone surveys from 16,302 American adults from across the country. The sample of parents with children under 18 years old included 4,431 respondents.
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