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85 percent of parents report that saving for college is one of their top three savings priorities for 2014. One-third (34 percent) name it their top savings priority for the New Year.
This information comes via the 2014 College Savings Resolutions survey from Fidelity Investments. This is the first time that the survey has been completed, so it will be interesting to see how future surveys compare.
Eighty-eight percent of families responding indicate that they plan to save at least as much as they did in 2013. A majority (60 percent) intend to save even more. It’s not just parents who are saving for the higher education of their children, however. Half of parents surveyed report that family and friends already contribute to their child’s college savings fund. Grandparents in particular are playing an important role, with 41 percent contributing.
Parents are increasingly asking their students for help in the college savings process. Many families are plan to save a portion of monetary gifts their children may receive throughout the year for birthdays or other holidays (37 percent). Parents are also talking to their children about how much college costs and how their family will pay for it (58 percent), researching scholarships and grants to help offset costs (53 percent), learning more about how the financial aid process works (39 percent), and even asking their children to save some of their own earnings (30 percent).
There’s much more in the report, including interesting information about the roles of 529 plans in college savings and a wonderful infographic. Additionally, you can find a savings calendar that can help guide your own savings.