Nearly two-thirds of wealthy Angelenos would allow their children to attend an expensive college, but half of parents refuse to go into debt to pay for it, according to a new survey.
According to the study, 64% of the so-called “mass affluent,” those with $50,000 to $250,000 in investable assets, would not discourage their children from going to a specific college based solely on price.
But 18% have not, and will not, save for their children’s education, and 51% say they won’t go into debt to cover the cost.
The study was done by Merrill Edge, a unit of Bank of America Corp.
Among other findings, even the mass affluent in Los Angeles aren’t immune to deep concerns about retirement.
Nearly half of Angelenos – 46% – expect to retire later in life than they did a year ago. That’s a rise from the 39% who said last October they were pushing back retirement.
Nearly half of those surveyed – 49% – have less than $150,000 saved for their golden years.
That same percentage of respondents says they would buy fewer luxury items to ensure they have enough money to last through retirement.
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