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

The higher their own debt, the more likely they are to startsaving early for their children's college educations.

That's according to data from social investing platform Collegebacker.com,which helps parents set up 529 plans for their kids and recruitfriends and family for contributions. In the survey of parents,millennials were 43 percent more likely than boomers to startsaving before their kids hit 5, and 24 percent more likely than GenXers.

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Marlene Satter

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