Denver families report they are setting aside less for college, arguing more about money and going out less because of the recession, according to a survey from Country Financial.
Nearly half of Denver households surveyed reported that they had slowed contributions to education savings accounts or tuition in the past six months. That compares with 41 percent of households surveyed nationally.
The survey results match with a 13 percent drop in contributions last year into the state’s 529 college savings plans, which are overseen by CollegeInvest.
“Families are contributing less, but they are still making saving for college and higher education a priority,” said CollegeInvest spokeswoman Jennifer Robinson, who added that families aren’t yanking money out of their accounts.
Nearly three-quarters of Denver families described economic conditions as very stressful or somewhat stressful, on par with the national response, while 36 percent of respondents in Denver said economic conditions had sparked more arguments with spouses or children.
The survey found that 68 percent of Denver households limited discretionary family outings such as going out to see a movie or eat, similar to the percentage who had done so nationally.
About 58 percent of Denver families said they had permanently changed their spending and savings patterns, while 53 percent said they had done so nationally.
More than half of households in Denver and the U.S. said they were talking to their children more about money matters as a result of the recession.
Based in Bloomington, Ill., Country Financial provides insurance and financial products.
The company surveyed 1,169 households with children by phone nationally, including 178 in Denver, in its most recent monthly trend survey. The margin of error for the national survey is 3 percentage points.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
