Americans seem split on what to do about preparing for retirement and their children's college education, according to a new survey.

Only 29% of parents said they were saving equally for retirement and their children's education, according to the survey, which was commissioned by Edward Jones.

Twenty-six percent said they aren't saving for either, while 31% stated they are favoring one over the other, according to the survey.

The survey of 1,497 parents also found that younger parents, aged 35 to 44, were more likely to save equally for retirement and education. Of this group, 37% were saving equally, compared to 23% for those between the ages of 55 and 64.

Among the other findings:

• Thirty-seven percent of parents between the ages of 18 and 24 are not saving for either retirement or children's college costs.
• Higher earners were more likely to be saving equally for retirement and education. Of those with an annual salary of $35,000 or less, 44% said they were not saving at all.
•  College graduates, 40%, were more likely to be saving equally for retirement and college than high school graduates, 24%.