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College savings on the rise in United States

4 years 1 month 1 week ago Tuesday, September 09 2014 Sep 9, 2014 September 09, 2014 1:02 AM September 09, 2014 in News
Source: Associated Press
By: Anne Flaherty

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.

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