53% of Parents Are Making This Big Financial Blunder

Any good parent wants to do whatever they can to help their kids, but sometimes well-intentioned moms and dads might be setting themselves up for financial failure in the process.

More than half of parents say they're saving money to help their children pay for college, a survey from T. Rowe Price found. However, when asked about their financial priorities, 53% of parents said helping their kids pay for college was a bigger priority than saving for retirement.

There's nothing wrong with helping your children financially if you can afford it. But if you're sacrificing your own retirement to pay for your kids' college education, it will come back to bite you down the road. Preparing for retirement takes decades of saving consistently, and if you wait until your kids' student loans are paid off to start saving, it will likely be too late to save enough.

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Source Fool.com