[September 15, 2014]

Ascensus College Savings Releases Survey of 529 Plan Savers

A new study from Ascensus College Savings-the nation's largest administrator of 529 plans-found that 59 percent of 529 plan holders' total educational savings are held in their 529 plans.

In addition to reporting that 529 plans are the primary college savings vehicle for the group surveyed, the study also sheds light on how 529 plan holders approach saving for college by providing information on the total amount of average college savings, how plan holders intend to pay for college, satisfaction with 529 plans, and confidence in saving for college.

Key findings from 529 plan holders include:

• On average, respondents have $13,475 in their 529 plans.
• 83 percent of 529 plan holders are highly satisfied with their plan.
• Parents' savings is the primary source for paying college costs.
• 59 percent of 529 plan holder anticipate their savings will cover most of their college costs.

"As the cost of tuition rises, 529 plans continue to provide families with an affordable and convenient way to save for tuition and related college costs," says Jeff Howkins, president of Ascensus (News - Alert) College Savings. "Most parents expect their children to achieve at least a four-year college degree, which makes saving early and often via a 529 especially valuable."

The survey results are based on a sample of 173 account owners of 529 plans that were surveyed online in April 2014 by Rockbridge Associates, Inc., a leading market research firm. Margin of error was plus or minus seven percent.

About Ascensus

Ascensus is the largest independent retirement and college savings services provider in the United States, helping over 6 million Americans save for the future. With more than 30 years of experience, the firm partners with financial institutions to offer tailored solutions that meet the needs of financial professionals, employers, and individuals. Ascensus specializes in recordkeeping, administrative, and program management services, supporting over 40,000 retirement plans and 3 million 529 college savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information, visit www.ascensus.com.

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