Published By Taylor Financial Group
Only 29% of Americans in a recent survey identified a 529 plan as an education savings tool. That means many people may be missing out on a great tax-free benefit. The survey results came from 1,004 interviews of U.S. adults conducted in April by ORC International’s CARAVAN Omnibus Services. Many factors, such as a respondent’s age, influenced her awareness of 529 plans. For example, 35% of Gen Xers correctly identified 529s, compared with only 27% of millennials.