Studies show most Americans aren’t saving enough for retirement, with day-to-day expenses and saving for children’s education often cited as major retirement planning impediments.
Well, ditch that 529 and get with the 401(k) — according to one study, students whose parents pay their entire college bill are the ones most likely to be partying rather than studying.
“Parents who pay for everything — including their children’s recreation and fun money — they have children who are more heavily into drinking, drug use, marijuana use,” Laura Padilla-Walker, associate professor of at Brigham Young University’s School of Family Life, told msnbc.com.
As if that weren’t bad enough, the study also finds that kids who get a free ride from Mom and Dad also have less of a sense of what they want to do in the future than those who were getting little or no help from their parents.
Does this study mean that retirement plans win the benefit wars once and for all? Or, is there room in employees’ lives and wallets for both college saving and retirement saving? Share your thoughts in the comments.
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