The latest 2024 data for 529 college savings plans is in, and the numbers are impressive! With over 16.96 million accounts nationwide, 529 plans are continuing to gain traction as the go-to tool for saving for higher education. Collectively, families have saved a staggering $525 billion in these plans, with the average account size reaching $30,966. That is an 11% increase in the amount of money saved since 2023!
This strong growth demonstrates a growing awareness of the importance of saving early for education expenses. 529 plans are designed to make saving for college easier, offering tax-free benefits when used for qualified education expenses. These plans are ideal for families looking to build an education savings fund over time.
The 2024 data highlight the success of these plans and reinforces the importance of starting to save now. Whether you’re saving for a child’s education, your own, or even for a grandchild, a 529 plan offers flexibility and valuable tax advantages. Plus, it’s never too late to start—setting up an account today can help ease the financial burden of rising tuition costs.
If you haven’t already, consider taking advantage of the benefits of a 529 plan. With millions of accounts already in place and over half a trillion dollars saved, now is the perfect time to join the growing number of families investing in education for a brighter future. Start saving today, and set yourself up for success tomorrow!
About the author:
The College Savings Plans Network (CSPN) is a leading objective source of information about Section 529 college savings plans and prepaid tuition plans–popular, convenient, and tax-advantaged ways to save for college. An affiliate of the National Association of State Treasurers (NAST), CSPN brings together state officials who administer 529 savings and prepaid plans from across the country, as well as their private-sector partners, to offer convenient tools and objective, unbiased information to help families make informed decisions about saving for higher education.