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Fidelity survey shows most parents unprepared for college costs

(August 29, 2012) - Fidelity Investments' sixth annual College Savings Indicator study found that less than one-third of parents of college-bound children have realistic expectations of the cost of college and have considered ways to deal with it.

Although on average parents plan to pay for 57 percent of their children’s college costs, the typical family is currently on track to cover just 30 percent.

The study found that the percentage of families saving for college (66 percent) has held steady over the past three years; that familiarity with 529 college savings plans continues to rise (54 percent, up from 51 percent in 2011, and from 40 percent three years ago); and that more than a third (34 percent) of families using these accounts have increased their regular, monthly contributions since first opening their accounts (up from 25 percent last year).

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