Do Parents Support Boys’ College More than Girls’?

A recent survey by T Rowe Price seems to indicate that that is the case. The 2017 Parents, Kids & Money Survey, a national sample of parents of 8- to 14-year-olds, showed stronger financial support for college among families with all boys than families with all girls. Specifically:

• 50% of boys-only households have saved money for college, compared with 39% of girls-only households.

• 68% of boys-only households prioritized college savings over retirement savings, compared with 50% of girls-only households.

• Of those with college savings, 83% of boys-only households contribute at least monthly to college savings, compared with 70% of girls-only households.

• 44% of boys-only households intend to pay most or all of college expenses; 31% of girls-only households said the same.

• Nearly twice as many boys-only households said they would take on $75,000 or more of debt to pay for college (23% vs 12%).

• 20% more girls-only households said they would encourage their children to attend less-expensive colleges to avoid student loans.

The survey did not attempt to explain the disparity, though Roger Young, a senior financial planner at T Rowe Price, says this year’s gender results are not an anomaly: “We’ve done this survey for nine years, and over the years we have found some differences based on gender of the kid answering the survey.”