Kyle Andersen: May 31, 2017

Tips & Techniques to Save for College



Kyle Andersen

Principal, Managed Investments


According to the annual 529 Plan Awareness Survey from financial services firm Edward Jones, Seven out of 10  Americans still don’t know what a 529 plan is. Only 32 percent or respondents correctly identified what a 529 plan is. In its sixth year monitoring college savings awareness, the survey found that more Americans could correctly identify a 529 plan as a college savings tool from among four potential options than last year, up four percentage points from 2016 (28 percent) and revealing an increase in awareness overall. These college savings plans were first offered in 1996.

When asked to identify all the specific saving strategies employed to pay for the cost of higher education, Edward Jones found that almost half of Americans (43 percent) used, or plan to use, personal savings to pay for college. This was followed by scholarships (36 percent), federal or state financial aid (35 percent) and private student loans (23 percent), with 529 plans rounding out the list as the least-used strategy (14 percent).

The survey indicated that of all generations, Millennials are most open to using various saving strategies to pay for college. Respondents ages 18-34 showed a strong preference for using a personal savings account among other options as a part of their college savings strategy, with 61 percent indicating so. Millennials and Gen-Xers are also most likely to use, or indicate that they plan to use, scholarships (55 percent and 46 percent) and federal or state financial aid (59 and 38 percent) compared to their Boomer counterparts (20 percent and 18 percent, respectively). Incorporating a 529 plan into an overall college savings strategy helps with long-term planning and allow for flexibility in both annual contributions and recipient eligibility based on individual lifestyle.

As part of their ongoing effort to raise awareness for 529 plans and college savings techniques, Edward Jones branches across the country are recognizing May 29 (5/29) as “Save for Education Day” – a firm-wide holiday derived from the name of the popular college savings tool. Branches will be hosting events in their communities to remind families about the importance of setting education savings goals.  Families are encouraged to visit their local branches to learn more about planning for their children’s educational future.

On Wednesday, May 31st, financial expert Kyle Andersen is available to you and your listeners to offer tips on saving for your children’s education and learn more about 529 college savings plans.


Kyle Andersen serves as a principal in Client Strategies Group with responsibility for Managed Investments, which includes mutual funds, exchange traded funds, separately managed accounts, unit trusts and 529 Plans. Before assuming this role in 2017, he led Area 7 within Branch and Region Development, working with branch leadership teams located predominately throughout the upper Midwest.

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