Families’ College Savings Start to Rebound, Report Says

Report: “How America Saves for College 2014"

Organization: Sallie Mae

Methodology: Ipsos Public Affairs interviewed 2,020 parents with a child under age 18. The survey was conducted online, in both English and Spanish, in November and December 2013. The sample was selected to be nationally representative on certain demographic variables.

Findings:

• Fifty-one percent of surveyed parents reported having college savings.
• That’s similar to last year’s figure, suggesting that the proportion of families who save has leveled off after dropping in the two previous years.
• Among families saving for college, the average amount saved is $15,346, a 30-percent increase over last year’s average, $11,781.
• Average college savings have grown for high- and middle-income families, compared with a year ago. The average amount saved by low-income families has dropped.

Bottom Line: While there are disparities by family income, there’s some evidence that the college-savings picture has stabilized.