The financial services firm Edward Jones released findings from their annual 529 Plan Awareness Survey last week. Disappointingly, 529 Plan awareness has fallen nationally for the third year in a row. This is concerning because of the escalating costs of college.
Edward Jones’ study follows Sallie Mae’s “How America Saves for College 2014” study released last month. The findings from Sallie Mae’s study showed that only about half of American families are saving for college. 45 percent of families that are saving for college are doing so in a standard savings account. You know that account that earns you a fraction of a fraction of the return your bank earns by lending out your money to others.