College tuition continues to rise, putting increasing pressure on parents hoping to give their children a hand in paying for school.
According to Fidelity’s recently released 10-Year College Progress Report, 72% of parents reported saving for college this year —a record high — compared to 58% in 2007.
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The number of parents taking advantage of a dedicated college-savings plan, such as a 529 plan, is also on the rise, up 62% since 2007.
However, it’s still not enough.
“While families have adopted more active and effective savings habits over the past decade, this year’s study still finds that on average, parents are on track to reach just 29% of their college funding goal by the time their child heads to campus,” Keith Bernhardt, vice president of college planning at Fidelity, noted in the study.