Parents Put Child's College Plans Ahead of Their Retirement

COUNTRY Survey: Recession May Be Shifting Saving Priorities

BLOOMINGTON, Ill., May 19 /PRNewswire/ -- A majority of parents (61 percent)
are not letting the recession change their plans for their children's college
education, according to a survey by COUNTRY Financial. Further, 47 percent
say college plans are a higher priority than retirement savings (41 percent).

This marks the first time in three years a majority of parents are putting
their children's college ahead of their own golden years. In fact, last year
parents favored building their nest eggs (47 percent) over education funding
(42 percent). The survey also reveals men are more likely to put their
children's education (50 percent) ahead of their retirement (38 percent) than
women.

"While saving for near-term financial goals may seem like a good idea in
uncertain times, be sure you are not doing so at the expense of your
retirement," says Keith Brannan, vice president of financial security planning
for COUNTRY Financial. "You can borrow money for college, but you cannot
borrow for retirement. Balancing your nest egg with the rising costs of
college is a concern for many, so review and update your financial plan as
your family's needs change."

College Cost a Greater Concern than Children Leaving Home
Despite the rising costs, 79 percent still think college is a good investment.
However, the high price tag causes anguish among parents. In fact, 65
percent say the cost of college causes more of a concern for them than the
thought of their child leaving home (24 percent).

While the cost of college might cause a great deal of concern for parents, it
may not be top of mind for their children. Two-thirds (67 percent) of parents
say their kids do not have an understanding of how much college will cost.

"This is a reminder of how important it is to teach our children about
finances as early as possible," says Brannan. "Getting our children to
understand the cost of their education early on will help them develop good
financial habits later as adults."

Tips for saving for college in this economy:
-- Maintain a well-diversified portfolio. Because of the short window to
accumulate funds and the shorter window to distribute them, try to
invest at the proper risk level for the age of your child. Many
college
investment methods offer age-based models which are tailored to when
your child attends college.
-- If you had been investing too aggressively and lost a significant
amount
in these tough financial times, now is not the time to get more
aggressive. Instead, try to find other ways to pay for college, like
grants or low-interest loans. In many cases, you can also qualify for
tax breaks like the Hope Scholarship and Lifetime Learning Credit, as
well as the college tuition and student loan interest deductions.
-- If you are a new parent, start your college savings early. Now could
be
a great time to invest because stock prices are low. Ask a
knowledgeable professional for help if you need assistance.

For more information on Americans' sentiments about financial security, please
visit www.countryfinancialsecurityindex.com.

The May COUNTRY College Funding survey is based on a national telephone survey
of more than 1,241 Americans who expect to be responsible for paying for a
child's education and is compiled by Rasmussen Reports, LLC
(www.rasmussenreports.com), an independent research firm. The margin of
sampling error for this survey is approximately +/- 3 percentage points with a
95 percent level of confidence.

About COUNTRY
COUNTRY Financial (http://www.countryfinancial.com) serves about one million
households and businesses throughout the United States. It offers a full
range of financial products and services from auto, home and life insurance to
retirement planning services, investment management and annuities.

SOURCE COUNTRY Financial

Emily Reed of Ogilvy Public Relations, +1-312-397-6056,
emily.reed@ogilvypr.com, for COUNTRY Financial; or Jay Verner of COUNTRY
Financial, +1-309-821-3372, jay.verner@countryfinancial.com