Parents and grandparents are concerned about the cost of college, but many remain uninformed about Section 529 college savings plans. Of the consumers surveyed for Alliance Capital's College Financial Preparedness Poll, 29% were very concerned, and 37% were somewhat concerned about the cost of college.
Despite this concern, 75% said they lack a basic knowledge of 529 plans. According to one industry executive, advisers play an important role in helping consumers understand this complex product.
Survey respondents recognize that they may need help in navigating the maze of 529 plan choices.