36% of parents have taken from college funds to cover coronavirus costs, a study finds. (via CNBCMakeIt)
The coronavirus pandemic has impacted the physical and financial health of families around the world.Americans have lost their jobs because of Covid-19.a survey
Additionally, 36% of parents said they had tapped their child's college fund to help cover expenses due to the financial strain caused by the Covid-19 outbreak. Another 15% of parents answered that they did not have a college fund for their kids. Schools have been forced to close their doors and move classes online, but parents have been forced to facilitate this often expensive transition.
According to the survey, 6 in 10 parents said they had to spend money for their child's distance learning. On average, they spent a little over $1,000 on supplies ranging from iPads and laptops to office furniture .that 40% of Americans would struggle to come up with even just $400 for an unexpected expense.
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