Each generation of parents want as good or even better than they had it for their children. So many parents do not want to see their children saddled with student loans and the student loan debt that they may have experienced in their early adult years. As such, parents go to great lengths to try and spare their children that burden,m but is it the right this to do?
There is no one-size-fits-all for financial planning, and education specific accounts like a 529 can certainly help pay for college expenses. However, no one knows the future, and maybe your child's end goal isn't college - maybe that money would be better served helping them get a business off the group, or entering a trade.
Additionally, while education can be paid for via loans, retirement can't. Saving aggressively and making your money work for you might be the better big picture choice.
If you're still unsure, Finley Alexander Wealth Management has free resources available to help you understand your options. Learn more here.