A recent Gallup survey commissioned by Sallie Mae revealed that three-quarters (75%) of the 1,200 parents surveyed thought it was “highly likely” their children would be attending some form of higher education after high school. Of this group of parents, 62% (but only 32% among those with household income below $35,000) of them have saved or invested for college.
The survey found that only 33% of parents are investing in 529 savings plans, and only 20% of households earning $150,000 or more are taking advantage of them. A majority (59%) used savings, money market accounts, or CDs while 41% saved with stocks or bonds. 35% of those not saving for college anticipate scholarships or financial aid to cover the cost.
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