As college costs continue to rise, more parents than ever are making all the right moves when it comes to saving for college. According to Fidelity Investments’ recently released 2018 College Savings Indicator survey1, more parents are starting to save before their child reaches the age of two—37 percent, up from 21 percent in 2016. Moreover, many parents say they are saving regularly each month and 39 percent of families are saving in dedicated accounts, such as 529 college savings plans.
But while parents are off to a good start by adopting these positive savings behaviors, meeting their long-term savings goals remains elusive for many families. One tactic more families might want to consider: make saving and paying for college a team effort. The holidays are a great time to take advantage of one often-forgotten savings strategy – encouraging grandparents and other family and friends to consider contributions to a child’s college fund as part of a holiday gift.
This segment is brought to you by Fidelity Investments