College Savings Survey: More Than Half Want to Help Relatives Pay for College

Recent reports have shown that Americans are putting more money away for college, both for themselves and for their children and grandchildren. How many Americans plan to help their relatives pay for higher education? And how many have already gotten started with college savings?

college savings

College Education

In Ask Your Target Market’s latest survey, 31% of respondents said they have attended some college. 12% said they have an Associate’s Degree. 21% said they have a Bachelor’s Degree. 4% said they have a Master’s Degree. Just 2% said they have another college degree. And 30% said they haven’t attended any college at all.

Payment Methods

Of those who have attended at least some college, 44% said they paid for their education themselves. 39% said they received financial help from their parents or other relatives. 34% said they received help from scholarships. 39% said they used student loans. 10% said they used other kinds of loans. And just 8% said they saved for their own college education before attending.

Helping Relatives

Overall, just 11% of respondents said that they have already helped their children or other relatives pay for college. 24% said they definitely plan to help family members pay for college. Another 23% said they might help family members pay for college. And 42% said they don’t plan to help any relatives pay for college. Of those who attended college themselves, 12% said they have already helped family members pay for college and 31% said they definitely plan to in the future.

Of those who plan to or might help family members pay for college, just 2% said they already have the money saved. Another 10% said they are on an official education savings plan. 24% said they have saved some money toward their family members’ education. And 60% said they haven’t saved anything for this purpose yet.

You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.

Photo Credit: Protest sign08 from Flickr

What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.

Results were collected on March 16 via AYTM’s online survey panel.

Anne Pilon brings 3 years experience to AYTM as a blogger and journalist. She has a degree in journalism and marketing communications from Columbia College in Chicago and enjoys writing about business, marketing, social media, and art.