Millennial parents are putting more money in their children’s college fund than older generation parents. A study by Sallie Mae found that parents aged 35 years or younger have saved an average of $20,155 for higher education, while Boomers have saved $18,323 and Gen Xers have saved $12,428. The survey also found that saving for college has increased by 48% from last year, with 57% of parents with children under the age of 18 saving this year. Analysts say that “Millennial parents place more of a priority on the college experience” than previous generations, and are placing more importance on helping their kids avoid student debt. (The Wall Street Journal)
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