Seventy-two percent of parents in a new poll say paying off debt is their chief financial priority for this year, rising to 80% among millennial respondents, New York Life reported this week.
Two-thirds of parents also said they planned to save more this year. But when asked what they would do if they should win $5 million, 58% said debt reduction would be one of the top three uses for their windfall.
Only a third of respondents said they would use the hypothetical jackpot to save for retirement.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
