Debt Reduction is a Top Priority for Parents, Survey Finds

Reducing debt is the top financial priority in 2019 for roughly three-quarters of parents, according to a survey recently released by New York Life. While two-thirds of respondents said they plan to save more this year, 30 percent plan to seek expert advice for financial planning.

The New York Life survey, conducted among U.S. adults who have at least one child living at home, also found that 58% of respondents believe their finances will improve this year, and 61% expect to be better prepared for the unexpected. However, only 28% felt it's important to have a financial plan in place for their children in case something happens to them.

When asked how they would use a $5 million lottery jackpot, 58% had paying off debt in the top three compared to 33% who would use it to save for retirement.