More than seven in 10 parents with more than $250,000 in investable assets (72%) believe their children should pay a portion of their college expenses, according to asset management firm Legg Mason. However, only 7% feel this financial contribution should be more than half the cost, and only 2% feel students should foot the entire bill for their education.
Parents who feel their children should pay a portion of their college costs cite the need to make sure their kids take college education seriously and appreciate what they are receiving (63%) and to teach responsibility (34%) as their primary reasons. The 28% of affluent parents who don’t feel students should pay for their own college expenses cite as reasons the belief that education is a parent’s responsibility (41%), the desire to enable their kids to focus solely on their studies (33%), concerns about keeping their kids out of debt (21%), and wanting to enable their kids to enjoy the college experience (5%).
Source: Legg Mason, Maria Rosati, 620 Eighth Ave., New York, NY 10018; 212-805-6036; mrosati@leggmason.com; www.leggmason.com.
© Copyright 2012, EPM Communications, Inc. May not be reproduced without written consent of publisher.