Young adults, college students and parents worry that the ever-increasing cost of college will put a dent in financial goals like home ownership and retirement, and many lack a solid plan to manage and pay down their student debt, according to a recent survey from the holding company for Citizens Bank.

According to the recent survey from Citizens Financial Group, 94 percent of both parents and college students indicated a concern with the rising cost of higher education, but only 55 percent of parents and 63 percent of students said they actually had a plan to manage student loan debt. 

 "The findings of this study underscore how critical it is for students and their parents to work proactively to develop a plan to manage the cost of college and not allow it to detract from the incredible value of their education," Brendan Coughlin, Citizens’ president of education finance, said in a statement.  "Whether they manage this through private student loans and refinancing opportunities with banks or through federal loans or other means depends on their individual financial situation, but it’s safe to say that the vast majority of families looking at the cost of college today find it to be very challenging."

Though 83 percent of college students surveyed said they felt college is a worthwhile investment, 41 percent were concerned that it could negatively impact their future financial stability. Of students surveyed, 71 percent said they think the cost of college will impact their ability to buy a home, and 54 percent of parents with children in college expressed concerns that the cost of higher education would impact their ability to retire on schedule.

The survey, commissioned by Citizens Financial Group, was conducted by TNS and asked 5,000 American adults between the ages of 18 and 34 about the cost of college.