College savings on the rise in United States
WASHINGTON, D.C. - The good news is that Americans are saving more than ever for college. The bad news is that the average amount still isn't enough to cover one year at a four-year public university.
The College Savings Plan Network says the average 529 college savings plan is worth about $20,671. That's almost double since 2008, when the country was in the grips of the recession.
The size increase in 529 accounts appears to be the result of both a healthier stock market and an ability of many Americans to save more. The group said in a report released Tuesday that contributions jumped from $16.5 billion in 2009 to $22.5 billion in 2013.
The nation now has some $244 billion in assets managed under 529 plans.