Would you keep working longer than you want to, or under-fund your own retirement, if it meant your children wouldn't have to take on student loan debt? A lot of millennials would be willing to make the sacrifice.
That's according to investment company Ameriprise, which surveyed 453 older millennials, classified here as those ages 30 to 37, who had at least $100,000 in investable assets. While this was not a large sample size and respondents are wealthier than average, other studies that considered millennials and their children's college costs have found similar results.
More than any other generation, milllennials want to help their kids pay for college. Only about 41% of Gen X (ages 38 to 53) and 21% of baby boomers (ages 54 to 69) with $100,000 to invest said they delayed or would be willing to postpone their own retirement to pay for their children's higher education.
Financial experts urge caution. While you may have good intentions when you plan to help your kids afford college, they say, doing so at the expense of your retirement is a mistake.
"You're not a bad parent if you're not helping fund your kids' education," Charles Sachs, a Miami-based financial planner, tells CNBC Make It. If you have got extra money to put away for their education, Sachs says, great, but it's not wise to risk your future to prioritize your kids' college costs.