Education is worth getting into debt for most parents, survey shows

Roughly 7 in 10 parents say their child’s education is worth going into debt for, according to the latest survey from the personal finance website WalletHub.

Despite the sharp pressures of rising inflation and tight budgets, families are willing to shell out for the things that matter, like education.

“Parents want to help their kids as much as possible and a good education is a dependable road to a solid career,” said Delaney Simchuk, a WalletHub analyst. “Parents should simply not forget that they are financial role models, and putting themselves in a precarious position could actually jeopardize their kids’ future.”

Indeed, almost 66% of parents say the pandemic has changed the way they plan to spend money on education. Equity is also a key concern as roughly 8 in 10 parents think all school districts should get equal funding per student.

Families also think that financial savvy should be taught in schools. About 86% of parents think financial literacy should be part of the core curriculum, right alongside math and reading.

Money is top of mind for many families, who are most concerned about graduation rates and the state of the job market upon graduation.