Are you one of them? See how you compare to other American parents and get resources to help you start, strengthen, or streamline your savings plan.
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529 plans offer parents tax advantages that can help their savings grow faster. The average amount saved in 529s has nearly doubled since 2016, from $2,820 to $5,441.footnote 1
General savings accounts are still the most commonly used type of account for building a college fund. The average amount saved in savings accounts is $3,902, up 7% from $3,663 in 2016.
Investment accounts can yield a high return, but may be less accessible to the average saver. Parents have saved an average of $2,616 in investment accounts, 14% more than in 2016.
Most parents, regardless of the age of their children, are about one-third of the way there.
Most parents with a college savings goal think they'll meet their goal by the time their child enters college.
Fewer parents plan to use their retirement savings
$22,169 planners vs $9,208 non-planners
College planning tip
Kids should look for scholarships outside of colleges and universities, too. A scholarship search can help students-both undergraduates and grad students-quickly find scholarships that match their interests and area of study.
Six in 10 make regular deposits to their college fund.
Three in 10 spend less on household and personal items.
Nearly one-fourth are increasing their income by working more hours.
More than 1 in 10 put the cash back from reward programs into college savings accounts.
