Parents certainly are aware of the need to save for children's college education, but not all are stashing away money in appropriate investment vehicles, such as 529s that are tax-free.

Seventy-three percent of parents have some sort of college savings plan, and 80% of investors are aware of 529 plans, according to a survey conducted by The Hartford Financial Group, which interviewed 2,549 parents in households with children under the age 15.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.