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The Financial Impact of Not Using 529 Plans, and Behavioral Interventions to Increase Usage
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The Financial Impact of Not Using 529 Plans, and Behavioral Interventions to Increase Usage
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Journal Article
The Financial Impact of Not Using 529 Plans, and Behavioral Interventions to Increase Usage
2020
Overview
American families are leaving an estimated $237 billion on the table by not investing their college savings in 529 plans under normal market conditions. Under adverse market conditions, the missed opportunity is $33 billion. Under normal market conditions, the primary benefit for most families from using a 529 plan is not its tax advantages; it is the fact that it encourages investing instead of using a savings account. Middle- and upper-middle-class families stand to benefit the most from increased adoption of 529 plans (and other investing vehicles). The average family saving for college would see a benefit of $4,044 per child. The focus of this paper is on the use of 529s for college savings--their intended purpose before the 2017 Tax Cuts and Jobs Act broadened the allowable purposes of 529s to include K-12 education. The use of 529s to cover K-12 education is a newer development, with little data about its use for that purpose and is not covered here.
Publisher
Financial Planning Association
