The amount you have saved for your child’s education will depend on a number of factors, including the number of children you’re saving for, other financial priorities you’re managing, and your education savings goals. Each family’s situation is unique, but sometimes understanding how much other families are saving can help you to benchmark your progress.
With that said, most of the information available on 529 plan balances is an average, based on data from thousands or even millions of 529 accounts. Below we’ll explore this data, and provide some rules of thumb to help you set your savings goals.
Average 529 Plan Balances
The 529 Network is a national association of state education savings plans which tracks information on the number of 529 plan accounts and the total assets in them. According to their most recent data, the average 529 plan balance was $34,084 as of December 31, 2025.
This average is based on over 17 million 529 accounts, which means it includes account holders saving for children of all ages, and even accounts whose beneficiaries have finished their education and have leftover funds in the account. So while it provides one point of comparison, it doesn’t really help a parent to know how they compare to other families at a similar stage of saving.
Another source of information on plan balances is Fidelity Investments’ College Savings Indicator study. This study is based on a survey of thousands of parents of college-bound children of all ages. The most recent study indicates that 45% of parents surveyed have opened a 529 plan, and the average account balance is $45,752. Interestingly, they noted that parents who have opened a 529 plan have almost twice as much saved for their children’s education, compared to those saving in other vehicles, who have saved only $24,387.
Other findings from this survey include:
- Parents plan to cover an average of 72% of college costs, compared to 67% in 2024
- Parents are on track to achieve 53% of their college funding goal, an improvement from 30% in 2024
- Parents expect their children to save around $18,000 toward their college costs by the time they graduate from high school
Remember that 529 plans are investment accounts where earnings grow tax-free and are tax-free when distributions are used to pay for college. That means when stock prices rise, so does the value of a 529 plan along with average account balances. 529 plan account balances also increase due to increased contributions. The number of new accounts opened in a given year can also affect average 529 plan balances. Newer accounts tend to have smaller balances and, therefore, will bring down the average.
It’s also important to remember that these are simply averages of what people have saved. Saving these amounts doesn’t guarantee adequate savings for your child’s education. So, let’s see how to determine how much you’ll need to save for your situation.
Savings benchmarks by type of college
The amount you should have saved for your child’s college expenses depends on your child’s age and where they want to attend college. Once you determine the appropriate benchmark, you can determine if your college savings are on track.
First, it’s crucial to consider that college education costs will vary significantly by type of college. According to the College Board’s Trends in College Pricing, the average cost of tuition and fees for attending a 4-year private college in 2025-26 ($45,000) is 277% more than attending a 4-year in-state public college ($11,950).
Regardless of which college you are saving for, you don’t have to save 100% of the sticker price. A good rule of thumb is to save 1/3 of projected college costs and cover the remaining 2/3 with current income, financial aid, scholarships, and student loans. The more you save, the less your child will have to borrow to pay for college.
According to Sallie Mae’s study How America Pays for College, 2026 sources of funding for college costs were:
- 10% parent 529 savings
- 29% parent income and non-529 savings
- 10% student income and savings
- 27% scholarships and grants
- 22% student and parent borrowing
- 2% gifts from family and friends
This means that if you are able to pay for one-third of college costs from your 529 plan, you’d be ahead of the average family.
Another rule of thumb for college savings is to have $2,000 saved for each year of your child’s life. So, if your child is four years old, you should have at least $8,000 saved.
However, a rule of thumb like this is just a rough estimate. Consider using a college savings calculator for a more accurate estimate of the savings needed. A calculator allows you to add inputs based on the cost of college, current balances, future contributions, potential student aid, and rate of return assumptions. This will give you a much more accurate estimate of your savings needs and projected education savings.
For a four-year-old child’s college savings, our college savings calculator estimates that a monthly contribution of $300 (or about $3,600 per year) would help you cover 66% of the cost of a 4-year in-state public college, which has an estimated total cost of about $155,000 in 2040.
How to get your college savings back on track
If you’ve fallen behind, the most obvious way to grow your college savings quickly is to contribute more to your 529 plan.
- If your college savings are below the benchmark, make a lump sum contribution to bring the balance up to the benchmark.
- If you can’t afford a lump sum contribution, use a college savings calculator to see how much more you need to contribute each month to meet your goal. A good rule of thumb is to divide the shortfall by the remaining months and increase your monthly contribution by this amount.
If you don’t have the means to save more, consider investing more aggressively to boost your return. 529 plans allow two investment changes per calendar year.
Review your 529 plan’s fees, expenses, performance rankings, and any income tax benefits offered by your state to make sure you’re getting the maximum value. If you’re unhappy with your current 529 plan, you can roll over to another 529 plan once in 12 months.
And remember that gifts from friends and family for birthdays, holidays and milestones can help grow savings too. Almost all 529 plans offer online gifting for gift-givers who would like to make a contribution directly to your child’s account.
