College savings plans have received a lot of attention in the industry lately as firms continue to launch and begin marketing their programs, but the plans have yet to grab the attention of the retail investor.

According to a recent nationwide survey of 1,000 individuals conducted by Schoolhouse Capital, State Street Corp.’s college planning subsidiary, 81.2% of the respondents have never heard of 529 plans at all. And only 12.5% knew that withdrawals from 529 plans are tax-free when used for college tuition, the plans’ most attractive feature.

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