Survey: Women prepare kids for college, but leave the financial planning to others

While women take the lead role in households in preparing children for college academically, many still leave the financial planning process in the hands of their spouses, according to a survey released this week by OppenheimerFunds Inc. For instance, 56% of women surveyed said they know how much their households had put away for their kids’ educations, compared to 65% of men. The survey of 1,099 women and 559 men also found 40% of women polled said they have a goal in mind for college savings, compared to 46% of men. The findings are significant for women, and for financial planners, said Raquelle Granahan, senior vice president of college savings plans at Oppenheimer, because it shows that traditional roles prevail when it comes to planning for college — despite the fact that women are taking a much more active role in the work force. Women should also pay more attention to their children’s college savings plans, said Ms. Granahan, because they may end up on their own, either because they live longer than their spouses or because they get divorced. “Women are putting their own retirement at risk if they don’t pay attention to the financial aspects of saving for college,” Ms. Granahan said in an interview. “I want women to be full partners in this. It’s not enough just to talk to the husbands. This is just another piece of getting your financial house in order. The online polled was conducted by Mathew Greenwald & Associates from Sept. 25 to Sept. 29.