Parents Face Music As College Looms

As more and more children of baby boomers near college age, many of their parents are finding they’re not ready for the big expense.

A survey by Neuberger & Berman Management, a mutual fund firm, found eight out of 10 parents with children under age 13 don’t know or have underestimated how much college will cost.

The survey also found that parents of younger children were more likely to plan to save than were parents of older children.