Graduation cap on money Millennials are 45 percent more likely than boomers to characterize their college debt burden as “very” or “extremely” challenging. (Photo: iStock)

The higher their own debt, the more likely they are to start saving early for their children’s college educations.

That’s according to data from social investing platform, which helps parents set up 529 plans for their kids and recruit friends and family for contributions. In the survey of parents, millennials were 43 percent more likely than boomers to start saving before their kids hit 5, and 24 percent more likely than Gen Xers.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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