November 11, 2009
--- A survey by OppenheimerFunds suggests advisers might have an opportunity to help women save for their children's college costs without sacrificing their retirement savings. ---
Nearly two-thirds of surveyed women believe that paying for their kids' college education will significantly affect their ability to save for their retirement, according to an OppenheimerFunds poll of parents of pre-college-age children.
Single mothers are especially challenged by saving for both college and retirement. While a little more than half of single mothers say they are equally concerned with their own retirement and getting their kids to college, about one-third said they are more concerned with getting their kids to college, according to the poll.
About eight of 10 women agree (and one-third strongly agree) that it's important to plan financially for retirement and college costs at the same time, but only 10% of women strongly agree that they have such plans in place, the survey found.
"A professional financial adviser can be invaluable in developing a smart, integrated approach for reaching both college and retirement goals," said Donna Winn, president and CEO, OFI Private Investments Inc.