College Remains a Top Savings Priority for California Families

New ScholarShare 529 research reveals Californians’ views of college savings amid today’s economic challenges


SACRAMENTO, Calif., July 14, 2020 (GLOBE NEWSWIRE) -- California families remain committed to college savings despite COVID19 challenges, according to new research from ScholarShare 529, California’s official college savings plan. ScholarShare 529’s 2020 529 Market Study asked 1,000 California families with children under 18 who plan to save for college about their views. Findings reveal that California families remain passionate about college savings and committed to it, yet concerned about affording college:

  • More than three-quarters (79 percent) of families surveyed said that helping their children afford college is one of the most important things they can do as a parent.
  • 82 percent say it is their job as a parent to help their kids pay for college.
    • ScholarShare 529 data mirrors these sentiments, as account contributions through mid-May are up 17 percent over 2019, while the number of gross new accounts opened is up 24 percent for the same timeframe.  
  • Higher education cost concerns are top of mind:
    • 49 percent are worried their kids won’t be able to afford college.
    • 65 percent are worried their kids’ college choice will be limited by cost.
    • 70 percent are worried their kids will be overwhelmed by debt.

“Funding higher education remains a top financial priority, and we encourage all California families that are still able to save for college despite today’s economic challenges to continue to do so,” said State Treasurer Fiona Ma, chair of the ScholarShare Investment Board. “ScholarShare 529 is a great option for California families, and our team is committed to helping college savers navigate today’s new higher education realities and understand their savings options.”

Visit www.ScholarShare529.com to learn more.  

About ScholarShare 529
ScholarShare 529, a Gold-rated college savings plan by Morningstar, serves as California’s official college savings plan. Administered by the ScholarShare Investment Board, ScholarShare 529 provides families with a valuable tool that offers a diverse set of investment options, tax-deferred growth, and withdrawals free from state and federal taxes when used for qualified higher education expenses, such as tuition and fees, books, certain room and board costs, computer equipment, and other required supplies. ScholarShare 529 manages over $9.8 billion in plan assets across more than 340,000 accounts as of 5/31/20.

To open a ScholarShare 529 account or get more information about the plan, visit www.ScholarShare529.com. For information about the ScholarShare Investment Board, visit www.treasurer.ca.gov/scholarshare, like ScholarShare 529 on Facebook at www.facebook.com/scholarshare529, and follow them on Twitter at @ScholarShare529.

Media Contact
Ryan Hoffman
rhoffman@wearecsg.com