A significant majority of American parents saving for their child’s education expect that they will pay more than half the cost, according to a Northwestern Mutual study.

The survey found that 95% of savers said they plan to pay for more than half of their children’s overall college expenses, with 36% saying that they will pay the full amount.

The parents who are not planning on paying the full amount expect their children to pick up some of the tab, with 37% anticipating that their child will pay for up to a quarter of the costs.

Many parents are already saving for college, with 20% of those surveyed saying they started saving either for themselves or a family member, the survey found. In total, those saving expect the overall cost of college to be $77,300.

The survey took data from 4,500 U.S. adults.

Christian Mitchell, chief customer officer at Northwestern Mutual, said those saving for college need to be smart about the amount they are saving.

“College costs can vary significantly, so students and families need to do their homework on higher education,” he said in a statement. “People with advanced degrees need to plan even more rigorously to ensure their financial security.”

One of the reasons saving for college is on the minds of many parents is because the cost of education is rising and the debt people accrue to pay for it is rising, according to the report.

Not including home mortgages, 66% of those surveyed said they hold at least some personal debt, with the average being $22,713, the report said. The overwhelming source of that debt is credit cards and the second highest is car loans. Education is the third highest, with debt levels in this category varying by generation.

Education costs impact the older generations less than they do the younger ones, the study found. Generation X and millennials carry the most debt, the study found, with 42% of members of Generation X and 43% of millennials saying that their personal debt is at the highest it has ever been. Specifically, Generation X’s average personal debt is $28,670, with millennials coming in at $24,833.

The study found that 64% of those surveyed said their top priority is paying down their debt, compared with 36% who said it is putting away savings. However, only 59% said that they have a plan in place on how they plan to save, which is down from the 64% two years ago, the study said.

“Without a plan to provide clarity, every financial decision people make can create financial anxiety,” Mitchell said. “With better clarity, people can enjoy today with a greater confidence that tomorrow is planned for, too.”

Mitchell warned people not to over-prioritize planning for education at the expense of retirement planning.

“It's also important to remember that college loans exist, but there is no such thing as a retirement loan,” he said. “If parents can't afford life in retirement, that unexpected financial burden may fall on their kids' shoulders.”