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College Savings

Parents in their 30s: then and now

Last week, we discussed Millennial-generation parents and how their experience with college debt is motivating them to save more for their own children’s higher education. You can read that post here. Today, let’s take a closer look at the college savings habits of these Millennial parents today versus those in the same age bracket surveyed eight years ago, in the first year of the now annual College Savings Indicator Study.

A comparison of parents age 30-34 today versus those surveyed in 2007 shows great strides have been made in convincing families of the important role saving for college can play in their children’s future. Not only does saving for college help ensure a child receives an advanced degree, it reduces the need for student loans and the obligation to repay after graduation.

The chart below is striking because it shows that Millennial parents nationwide are exceeding savings benchmarks when compared to the previous generation. Not only are more Millennials saving for college, they are saving larger amounts. More of them are wisely choosing dedicated college savings accounts that provide tax benefits, such as the U.Fund 529 Plan and the U.Plan Prepaid Tuition Program. In addition, significantly more plan to pay the full cost of college, and to do so, they are working with financial professionals.

The data below shows an impressive shift in attitudes and habits toward college savings, and the trend is definitely heading in the right direction.

[mefachart id="5958"]

If you want to learn more about saving for college, or get started, call us at (800) 449-MEFA (6332) or view our Saving for College overview here.





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