With the markets tumbling, a recession on the horizon and people growing increasingly fearful of losing their jobs, more parents are delaying saving for their children’s college education, Investment News reports. Sales of 529 plans fell 33% in the first six months of the year to $6.3 billion, down from $9.8 billion a year earlier. 

Investment management firms are assuming “that families are shelving their college savings accounts because their finances are being stretched. College savings are taking a hit,” said Joe Hurley, president and chief executive officer of Savingforcollege.com.

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