More than half of parents are saving up for their children’s college education, according to the annual How America Saves for College 2016 survey by student loan provider Sallie Mae.
Most parents reported saving around $16,000, over $6,000 more than parents reported saving in last year’s survey. Millennial parents, those parents who are 35 or younger, report saving more than Generation X and Baby Boomer parents. However, only half reported saving for college at all.