T. Rowe Price’s 2019 Parents, Kids & Money Survey found that many parents say college costs aren’t their responsibility, but most kids expect their parents to cover college costs.

1. 11TH ANNUAL PARENTS, KIDS
& MONEY SURVEY—COLLEGE
SAVINGS RESULTS
Detailed Results

2. PARENT RESPONSES

3. 3
10%
53%
54%
62%
None of the above
Money saved for kids’
college education
An emergency fund to
cover unexpected
expenses
Money saved for
retirement
College Savings
Q28. Which of the following do you have?
(Check all that apply)
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)
47%
53%
Saving for
retirement
Saving for kids'
college education
Q29. Which of the following is the higher
priority for you and your family?

4. 4
College Savings – Accounts and Balances
Q36. What types of accounts do you use for college savings?
(Check all that apply)
11%
11%
14%
15%
16%
24%
26%
29%
29%
37%
44%
Annuity or other insurance
UGMA or UTMA account
Roth IRA
Traditional IRA
Individual securities
CD
Savings bond
401(k)
Checking account
Regular savings account
529 account
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=533 (Have college savings)

5. 5
Taking Money Out of College Savings
Q37. How many times have you taken money out of your kids’ college
savings in the past two years other than to pay education costs?
7%
18%
13%
63%
Five times or more
Two to four times
Once
Never
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=533 (Have college savings)

6. 6
Accounts Used for College Savings
Q38. What types of college savings accounts
have you taken money out of in the past two years?
(Check all that apply)
51%
55%
64%
65%
68%
69%
69%
70%
74%
78%
79%
Annuity or other insurance
Traditional IRA
UGMA or UTMA account
Individual securities
CD
529 account
Roth IRA
Regular savings account
Savings bond
401(k)
Checking account
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=200 (Have taken money out of college savings)

7. 7
Taking Money Out of College Savings
Q39. Which of the following things have you paid for with money
taken from your kids’ college savings in the past two years?
(Check all that apply)
16%
19%
20%
21%
25%
25%
27%
27%
28%
29%
30%
32%
35%
35%
Wedding
Down payment on a home
To cover expenses while unemployed
Caring for an aging parent or relative
Replenish emergency fund
Vacation
Home repair/renovation
Day-to-day expenses
Holiday spending
Car purchase or repair
Child care/day care
To pay taxes
Health care costs
Pay off debt
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=200 (Have taken money out of college savings)

8. 8
Paying for College
Q40. Which of the following best describes how you
feel about saving for your kids’ college education?
12%
25%
45%
19%
Will be able to pay for ALL of
the cost
Will be able to pay for MOST of
the cost
Will be able to pay for SOME of
the cost
Will NOT be able to pay ANY of
the cost
Q41. How do you think you will cover the remaining
cost for your kids’ college education?
(Check all that apply)
3%
8%
10%
11%
11%
13%
13%
17%
21%
24%
27%
37%
37%
42%
Other
I haven't thought about it
Sale of real estate
Other family members
Home equity loan or second mortgage
Retirement accounts
PLUS loan
Personal loan or line of credit
Credit cards
Student loan in kids' names (parents to pay)
Through regular income
Student loan in kids' names (kids to pay)
Kids will work
Grants and/or scholarships
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)
N=887

9. 9
College Debt Threshold
Q42. How much debt are you
willing to take on personally to provide
your kids with a college education?
Q43. How much debt are you willing to let your
kids take on to get a college education?
4%
9%
12%
12%
17%
15%
16%
16%
More than $150,000
$100,000 to $150,000
$75,000 to $99,999
$50,000 to $74,999
$25,000 to $49,999
$10,000 to $24,999
Less than $10,000
None
2%
7%
8%
12%
17%
18%
21%
20%
More than $150,000
$100,000 to $150,000
$75,000 to $99,999
$50,000 to $74,999
$25,000 to $49,999
$10,000 to $24,999
Less than $10,000
None
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

10. 10
Attitudes About Saving for College
Q44. How much do you agree or disagree with each of the following statements?
(Displaying percent that agree)
38%
42%
61%
68%
78%
80%
80%
I lose sleep worrying about college costs
It is not my responsibility to pay for my kids' college education
I feel guilty that I won’t be able to pay more for my kids' college
I’d be willing to delay my retirement to pay for my kids’ college
education
I would consider sending my kids to a less expensive college to avoid
taking on student loans
It’s hard to save for your kids’ college education when you’re still
paying for your own
I think nearly all students graduate from college with student loans
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

11. 11
5%
7%
7%
8%
11%
5%
6%
51%
$100,000 or more
$75,000 to $99,999
$50,000 to $74,999
$25,000 to $49,999
$10,000 to $24,999
$5,000 to $9,999
Less than $5,000
No student loan debt
Parent-Student Loan Debt
Q20. What is the approximate balance (i.e., the amount you still owe)
of your student loans (from you or your spouse/partner’s education combined)?
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

12. 12
26%
2%
11%
19%
26%
30%
31%
7%
10%
12%
13%
14%
15%
17%
18%
20%
Nothing
Other
To cover expenses while unemployed
To pay taxes
Car purchase or repair
Health care costs
Home repair/renovation
Wedding
Down payment on a home
Child care/day care
Kids' college education
Caring for aging parent or relative
Kids' primary education
Holiday spending
Vacation
Pay off debt
Using Retirement Savings and Emergency Fund
Q31. What types of things have you used emergency
fund money for in the past two years?
(Check all that apply)
Emergencies
Nonemergencies
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=545 (Have an emergency fund); N=265 (Have taken money out of retirement savings)
2%
15%
19%
21%
24%
26%
27%
11%
15%
17%
17%
21%
23%
23%
24%
28%
36%
Other
To cover expenses while unemployed
Caring for an aging parent/relative
Car purchase or repair
To pay taxes
Home repair/renovation
Health care costs
Wedding
Replenish emergency fund
Down payment on a home
Day-to-day expenses
Childcare/daycare
Kids' primary education
Holiday spending
Kids' college education
Vacation
Pay off debt
Q35. Which of the following things have you paid for with
money taken from retirement savings in the past two years?
(Check all that apply)
Emergencies
Nonemergencies

13. 13
23%
35%
21%
22%
Strongly agree
Somewhat agree
Somewhat disagree
Strongly disagree
Paying for Better Schools
Q50. How much do you agree or disagree with each of the following statement?
I pay more in rent/mortgage because I wanted to live in an area that has better schools.
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)
58% Pay more for
better schools

14. 14
20%
42%
30%
8%
An extreme amount
A considerable amount
Not very much
Not at all
Paying for Better Schools
Q51. How much has that impacted your ability to pay for
other things, and/or save for retirement or your kids’ college?
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=580 (Pay more for better schools)

15. 15
16%
20%
20%
26%
25%
26%
34%
44%
44%
25%
36%
38%
37%
42%
42%
51%
45%
45%
Market volatility
The value of long-term investing
Planning for long-term goals like college
Cybersecurity threats
Maintaining a budget
Setting financial goals
How to earn money
Spending wisely
The importance of saving money
Frequently
Occasionally
Frequency of Specific Financial Discussions
Q58. How often do you discuss each of the following topics with your kid?
(Four-point scale – displaying frequently or occasionally)
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

16. 16
31%
32%
33%
33%
33%
34%
35%
36%
37%
38%
38%
Politics
Climate change
Death
Saving for retirement
Debt
Mental health
Bullying
Saving for college
Drugs
Sex
School safety
Uncomfortable Discussions
Q60. How uncomfortable are you discussing each of the following with your kid?
(Five-point scale – displaying very and extremely)
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

17. 17
10%
5%
42%
43%
47%
48%
60%
None of the above
Other
Discussing the cost of college
Figuring out the amount of sales tax you pay
Going into a physical bank
Figuring out how much tip to leave at a restaurant
Figuring out how much you get off on sales
Teaching Moments
Q61. Which of the following have you used as an opportunity to teach your kid about money?
(Check all that apply)
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

18. 18
38%
9%
12%
13%
15%
16%
16%
17%
18%
19%
24%
24%
I have not argued with my spouse/partner
Gambling losses
Money lost on poor investments
Unexpected charge on credit card
Worry about losing a job or not finding a job
Dipping into a savings
Taxes too high
Kids costing too much money
Paying for college
Not sticking to a budget/overspending
Spoiling the kids
Amount of debt owed
Arguing About Finances
Q62. In the past six months, have you and your spouse/partner argued
about any of the following financial topics when your kid was home?
(Check all that apply)
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

19. KIDS’ RESPONSES

20. 20
37%
63%
Their retirement
My college education
Family Saving Priority
QK7. Do you think it is more important for your parents
to save for their retirement or your college education?
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

21. 21
15%
19%
19%
22%
21%
24%
33%
42%
46%
23%
30%
36%
36%
38%
38%
47%
44%
41%
Market volatility
The value of long-term investing
Planning for long-term goals like college
Cybersecurity threats
Setting financial goals
Maintaining a budget
How to earn money
The importance of saving money
Spending wisely
Frequently
Occasionally
Frequency of Specific Financial Discussions
QK10. How often does your parent discuss each of the following topics with you?
(Four-point scale – displaying frequently or occasionally)
T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey
N=1,005 (Total respondents)

22. 22
17%
23%
39%
21%
27%
26%
31%
16%
Never
Rarely
Occasionally
Frequently
Girls Boys
Frequency of Specific Financial Discussions
QK10. How often does your parent discuss each of the following topics with you?
Planning for long-term goals like college
T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey
N=1,005 (Total respondents)

23. 23
33%
8%
9%
12%
13%
14%
15%
16%
20%
20%
21%
23%
I have not heard my parents talking about any of these things
Gambling losses
Money lost on poor investments
Dipping into a savings
Unexpected charge on credit card
Kids costing too much money
Worry about losing a job or not finding a job
Not sticking to a budget/overspending
Taxes too high
Spoiling the kids
Amount of debt owed
Paying for college
Parents Arguing About Finances
QK17. In the past six months, have you heard your parent(s) talking
about any of these topics, when they thought you were not listening?
(Check all that apply)
T. Rowe Price 2019 Parents, Kids & Money Survey – Kid Survey
N=1,005 (Total respondents)

24. 24
54%
69%
I don't need to worry about saving for something
like college that is so far away
It is my parent's responsibility to pay for my
college education
Kid Attitudes and Behaviors
QK18. How much do you agree or disagree with the following statements?
(Displaying percent that agree)
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

25. RESPONDENT PROFILE

26. 26
49%51%
Respondent Profile - Parents
33%
21%
25%
20%
South
Midwest
West
Northeast
Q2. RegionQ1. Age Q3. Gender
Men
Women
Q5. Household Income
86%
7%
6%
1%
Married
Separated/Divorced
Single
Widow/Widower
Q4. Marital Status
22%
43%
30%
5%
<35
35–44
45-54
55+
18%
45%
24%
13%
<$50K
$50K–$99,999
$100K-$149,999
$150K+
82%
7%
7%
7%
1%
White/Caucasian
Hispanic/Latino
Black/African
American
Asian
Native American
Q6. Race/Ethnicity
(Check all that apply)
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

27. 27
Respondent Profile - Parents
Q7. Education Level
72%
12%
8%
4%
2%
3%
1%
Employed full time
Stay-at-home parent
Employed part time
Self-employed
Unemployed
Retired
Student
Q8. Employment Status
(Check all that apply)
1%
18%
15%
11%
35%
20%
< HS graduate
HS graduate
Some college
Assoc. degree
Bachelor's degree
Graduate degree
31%
50%
12%
6%
1
2
3
4+
Q11. # Kids in Household
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

28. 28
Respondent Profile - Kids
59%
41%
Q13. Kid gender
BoysGirls
Q13. Kid age
10%
12%
16%
13%
16%
18%
15%
8
9
10
11
12
13
14
T. Rowe Price 2019 Parents, Kids & Money Survey – Parent Survey
N=1,005 (Total respondents)

29. OBJECTIVE AND
METHODOLOGY

30. 30
Objective and Methodology
Objective
 To understand the basic financial knowledge, attitudes, and behaviors of both parents of
children ages 8-14 and their children ages of 8-14.
Methodology
 T. Rowe Price commissioned an online survey of parents of children ages 8-14 and their
children ages 8-14.
 The survey was fielded from January 17, 2019, through January 23, 2019, with quotas of
approximately 50% men and 50% women.
 A total of 1,005 parents of children ages 8-14 in the U.S. participated; the sampling error
for samples of 1,005 is +/- 3.1% at the 95% confidence interval.
 The survey was fielded through Research Now.
T. Rowe Price 2019 Parents, Kids & Money Survey
T. Rowe Price Group, Inc. 201908-915183