Parents rank saving for college as a priority

According to a 2010 nation study by Gallup and Sallie Mae, parents rank saving for college almost as high of a priority as saving for retirement. Parents rank saving for college at 21 percent compared to 22 percent who rank saving for retirement as their top priority.

Lynne says, “Saving for retirement is far more important than saving for college because there are no loans and tax benefits for retirement. However, there are many programs for both parents and students to borrow or receive scholarships for college. Furthermore, tax credits and tax deductions are available for college tuition. There are no loans or tax benefits for retirement.”

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