Survey shows people favor saving for college
Saving for college was a top priority for 81 percent of those surveyed, ranking No. 2 overall. Saving for retirement ranked first and saving for basic living expenses third.
Respondents said they used a variety of ways to save, including bank savings accounts; mutual funds, stocks and bonds; and other retirement plans. When it comes to college savings, they also invest in the Oregon College Savings Plan and count on scholarships and other financial aid.
Respondents were more likely to say they are saving for college if they are 54 or younger, college educated themselves and living in the city or suburbs. All of those surveyed had children or grandchildren 18 or younger, and those who said they aren’t saving usually said they just don’t have enough money or they have other priorities.
The Oregon 529 College Savings Network sponsored the first College Confidence Survey in December and January.
Executive director Michael Parker said he was pleased to learn that Oregonians place such importance on preparing for their children’s future. “At the same time, many respondents were unsure where or how to begin saving, so we have some educating to do,” he said.
Oregon 529 encourages them to start saving as soon as possible.
To save $10,000 over 10 years, a family needs to invest $58 per month at 7 percent interest. To repay a $10,000 loan at 7 percent interest, the family would need to pay $116 per month, repaying at a total of $16,960.
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