Parents are sacrificing their money and time in hopes of sending their kids to college, according to a recent Kaplan Test Prep and MONEY Magazine survey.

The study found that 62 percent of parents say they will have to cut back on vacations over the next few years to cover future college costs.

The college process for parents begins before their children start thinking about their futures because “covering that kind of cost requires years of planning, as well as financial sacrifices,” said Lee Weiss, vice president for college admissions programs for Kaplan Test Prep.

“Most families will feel some level of sacrifice while their children are in college, but those who have prepared ahead of time should be able to manage through this time period,” said Joyce Zadzilka, professor of accounting practice at Syracuse University.

The study also indicates that 60 percent of parents say they will be saving less money for retirement.

Greg Daugherty, an education editor at MONEY, said the idea that parents are worrying about saving more for their child’s college education rather than focusing on their retirement is “worrisome.”

Michael Boothroyd, Kaplan Test Prep’s executive director of college admissions programs, said he was shocked by “how many parents planned to cut back on saving for retirement, but it also highlights how many parents will put their child’s future ahead of their own.”

“It tells us that the average American family knows that they are going to have to make some financial sacrifices to cover college costs,” Boothroyd said.

Published on December 9, 2015 at 8:07 pm

Contact Andrew: angodnic@syr.edu