The finding was cited in the latest Merill Edge Report, a semi-annual survey that looks at financial concerns among American adults earning $50,000 to $250,000 per year.

"Parents continue to financially support their children’s education, yet 40 percent of the [middle class] express concern over the rising cost of college," the report says.

It's no wonder they're worried. More than half of middle class families plan on dipping into their own savings to fund their childrens' college education, and an increasing number of parents have found their finances tangled up in the ongoing student loan crisis.