Survey: Parents Are Still Saving for College Despite COVID-19

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A recent survey from Savingforcollege.com, the leading source for unbiased information on saving and paying for college, concluded that college savings has not changed drastically since the start of the pandemic and college savers are still on track.

College savers who have remained invested have done well, despite the stock market volatility.

A recent survey from Savingforcollege.com, the leading source for unbiased information on saving and paying for college, concluded that college savings has not changed drastically since the start of the pandemic and college savers are still on track.

Survey results include:

  • 67% have no made changes to their contributions and 15% have increased the amount they are contributing
  • 70% report the same level of confidence that they will reach their savings goals and 6% are more confident
  • Only 13% have stopped making contributions and 5% have decreased contributions
  • 50% report seeing their 529 plan increase in value since January 1, 2020, while 15% have decreased and 15% have seen no change
  • 14% have delayed taking distributions from plans to allow time for investments to recover from stock market losses
  • 41% have delayed opening a 529 plan but 78% expect to open a 529 college savings plan in the future

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"College savers who have remained invested have done well, despite the stock market volatility," said Mark Kantrowitz, Publisher and VP of Research for Savingforcollege.com. He added, "Most of the major stock market indexes are back in positive territory, even with the bear market earlier this year."

A total of 1,137 Savingforcollege.com readers responded to the survey, who have a strong interest in college savings. The same survey concluded that parents are more anxious about returning to school this year, with concerns about quality of virtual learning, keeping children and family safe while returning to school, managing virtual learning while working from home, and the costs of going back to school.

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About Savingforcollege.com:
Savingforcollege.com has been a leading independent authority on 529 savings plans since 1999. Their site compiles and analyzes data, and creates content and tools to provide parents, financial professionals and state agencies with resources to help them understand how to meet the challenge of increasing education costs.

Visit Savingforcollege.com and sign up for our free College Savings Newsletter.

Media Contact:
Mark Kantrowitz
mark@savingforcollege.com

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Mark Kantrowitz
@saving4college
since: 05/2010
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