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The 2014 Annual College Savings Survey Results
As the countryís leading independent source of information on college savings, savingforcollege.com aims to provide our guests with insightful and relevant content that will guide them closer toward their savings goals. We recently conducted our first Annual College Savings Survey, which was designed to help shed light on consumer awareness, beliefs, misconceptions, purchase criteria and more, in relation to 529 plans. With responses from 2,000+ participants, the results uncovered a number of key findings that we are excited to share with our readers in a series of blog posts over the next three weeks.
Savers may be missing out
According to the Annual College Savings Survey, 70 percent of the respondents did not currently have a 529 plan. Among this group, many (70%) had not even started saving for college. The number one reason for being a non-saver was that they havenít had time to research and/or understand the best options. This immediately caught our attention. As an industry leader, we have researched and collected facts related to 529 plans and various other ways of funding higher education expenses. Our site offers free resources like plan performance rankings, savings calculators and a directory of professional advisors just to name a few. Could there be a more efficient way for us to share our knowledge to encourage more non-savers to start saving today? Additionally, we uncovered that only 31 percent of those with 529 plans are utilizing their full potential by contributing the total amount they are saving for college. To address this, our first blog post will focus on the tax savings you may be missing out on by investing in other savings vehicles versus a 529 plan.