Fifty-four percent of surveyed parents said they fear their retirement would be jeopardized by helping their children pay for college, according to a study by Citizens Financial Group.

About the same percentage are worried college costs will harm their overall financial stability.

Nearly all moms and dads, 94 percent, said they feel an increased burden from their children’s college debts.

Fifty-four percent said they have a plan to pay back the money, while 63 percent of college student claimed to have a strategy.

“There is a clear need to educate both students and parents alike on how to manage and formulate a plan to pay for the debt they are choosing to take on,” the study’s authors wrote. “By doing so, parents and students can be empowered to make smarter financial decisions to best stabilize their financial situations for today and the future.”

The study was based on survey responses taken from 5,000 college students and parents with children 15 to 14 years old from July 28 to August 10.