Todd, K. J. & DeVaney, S. A. (1997). Financial planning for retirement by parents of college students, Financial Counseling and Planning, 8(1), 25-32.
Financial Planning For Retirement By Parents Of College Students
Kelly J. Todd(1) and Sharon A. DeVaney(2)
Parents of college students were surveyed about satisfaction with retirement planning and the use of
retirement savings for children’s college expenses. Those who had consulted a financial adviser for
retirement were satisfied with their retirement planning as were those where the husband had a pension
plan. Parents with two children in college were more likely to have used retirement savings to pay for
college costs. When the first child contributed less to college, parents were more likely to use
retirement savings. Upper income parents were less likely to use retirement savings for college
expenses.
Key Words: College student expenditures, Family finance, Financial planning, Retirement, Saving
1. Kelly J. Todd, Deloitte & Touche LLP, Two Prudential Plaza, 180 North Stetson Avenue, Chicago IL 60601-6779. Phone: 312-946-2631.
2. Sharon A. DeVaney, Assistant Professor, Purdue University, 216 Matthews Hall, West Lafayette, IN 47907-1262. Phone: 765-494-8300. Fax:
765-494-0869. Email: sdevaney@purdue.edu.
The research was completed when Kelly J. Todd was enrolled in an honors project at Purdue University. Ms. Todd thanks Sharon A. DeVaney,
her adviser, for her advice and support throughout the research process, and Ya-ping Su for her assistance in working with the survey data.