Funding College and Retirement Go Hand in Hand

Among the many challenges unique to today’s generation of working parents trying to save for 

retirement is the fact that college tuition costs have never been higher.  According to figures 

from the College Board, the average cost of attending a public university (including tuition, fees, 

room, and board) for the 2013-2014 academic year was $18,391 for in-state students and 

$31,701 for out-of-state students.  For private, non-profit colleges and universities, the average 

was $40,917.* 

So daunting are those numbers for most parents that a majority of them admit they aren’t even 

trying to save for their children’s college.  In a report released recently by Certified Financial 

Planner (CFP) Board of Standards, Inc., more than two-thirds (69 percent) of 1,003 parents 

surveyed said that they have not started saving for their children’s higher education because 

everyday living expenses have left no additional funds.**

It’s a sad finding, of course, but not really surprising when you consider that those “everyday 

living expenses” may include not just food, housing, and utilities, but a multitude of other 

financial demands and predicaments that are – in many instances – unique to today’s generation 

of working Americans.