About half of parents would rather withdraw money from their retirement account, work more years, or take on a second job than have their kids take out student loans, according to a T. Rowe Price survey.

About 53 percent of parents would rather use retirement savings to pay college costs than have their kids take on student loans, according to the survey of 2,000 parents who had a retirement account and children aged 15 or younger.

Fifty-one percent would be willing to get a second or part-time job and 49 percent of parents would delay retirement and work more years, according to the survey.

T. Rowe Price also found that 44 percent of parents said their own student loans have impacted their ability to save for retirement.

“Parents are making a mistake when they don’t prioritize their own retirement over college costs,” said Judith Ward, a senior financial planner at T. Rowe Price. “There are many ways to pay for college, and there is a wide variation of price tags for college degrees. But outside of Social Security and a pension, the way to fund your retirement is through personal savings in a tax-advantage retirement account.”

Seventy-nine percent of the parents surveyed said they were saving something for their kid’s college costs. However, T. Rowe Price says many of them were using the wrong accounts. Forty-five percent indicated that they were using a regular savings account to do so, and 30 percent said they were using their 401(k) to save. Just 31 percent said that they were using a 529 account.

There also appeared to be some misconceptions regarding 529 accounts. According to T. Rowe Price, contributions to a 529 account can be withdrawn anytime for any reason. However, 25 percent of parents cited lack of access as a reason for not saving in this type of account. Additionally, 15 percent mistakenly thought that saving in a 529 account meant that they wouldn’t be able to get financial aid.

“We recommend saving at least 15 percent of your salary, which includes any match from your employer, for retirement,” said Ward. “Once retirement is on track, develop a plan to save for your kids’ college and aim to save enough to cover at least a down payment, about half the cost of a four-year education. We recommend using a 529 account, because they provide tax benefits and flexibility for college savings that aren’t available with any other kind of account.”