Young, Wealthy Families Have Their Financial Priorities All Wrong
It's not unusual for savings to fall by the wayside among low- to middle-income U.S. households. After all, when you're barely earning enough to cover the bills, setting money aside for other goals can be a challenge, to say the least. Wealthier folks (which, for the purpose of this discussion, are defined as those having $500,000 or more in investable assets), on the other hand, have a much greater opportunity to save -- but that doesn't necessarily mean they're doing so wisely.
In fact, 70% of wealthy millennial families are putting college savings ahead of retirement. That's the latest from a study by Personal Capital, which also found that almost half of affluent young families are open with their children about their net worth, and, as such, have opened the door to certain expectations. For example, 64% of wealthy millennials with children say their kids expect them to pay for college.
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Source: Fool.com
