Awareness for college savings plans decline

24 Hour News 8's Emily Linnert interviews Greg Flick from Edward Jones. (May 27, 2014)

GRAND RAPIDS, Mich. (WOOD) — As college costs continue to rise, awareness for savings plans has declined, according to a survey.

According to the annual 529 Plan Awareness Survey from financial-services firm Edward Jones, only 30 percent of Americans know about the 529 college savings tool. That number is down from 37 percent in the same survey two years ago.

There were also significant declines in awareness regionally, especially in the Northeast and the Midwest. The survey also found a decline in 529 plan awareness when looking at household income. Among the respondents with a household income between $50,000 and $75,000, awareness dropped from 42 percent in 2013 to 32 percent today.

Respondents 65 years of age and older showed the lowest levels of awareness with only 18 percent knowing about the college savings plan.

To help bring awareness to the 529 plan, “529 Day” will be held Thursday at John Ball Zoo in Grand Rapids. Admission will be lowered to just $5.29 per person.

==Watch the video above to see 24 Hour News 8 Daybreak’s interview with Greg Flick from Edward Jones about the 529 plan==

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