They amount of money in the savings plans grew to a record $248 billion in 2014, about 9% more than the previous year.
People are starting to save for their children earlier than ever. About 31% of the savings plans are opened by parents when their child is barely a year old, or before, according to the College Savings Plans Network.
That’s smart, given the skyrocketing cost of college tuition and fees in recent years.
“You really should be starting to save for college as soon as your child is born,” said Betty Lochner, chair of the College Savings Plans Network.