New York (Aug. 26, 2003) -- Most parents and grandparents aren’t saving enough for their children's and grandchildren's college education, and say they aren’t willing to put off retirement to pay for it, according to a national survey by OppenheimerFunds Inc.

Among 1,000 people surveyed who have children or grandchildren age 18 or under, 58 percent aren’t currently saving for the future college education expenses of children and grandchildren, and 68 percent haven’t tried to figure out how much they’ll need to save. And those who had calculated it were way off -- 56 percent estimated that they would need to save less than $75,000 when, in fact, the cost is much greater, Oppenheimer said.

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