The average balance of 529 savings accounts in the United States decreased among all age groups in 2023. Savers aged 45 to 54 years, who have had a longer time horizon to save than younger people and may have children approaching college age, had the highest overall average balance at approximately 38,270 U.S. dollars.
A 529 savings plan is a tax-advantaged savings account designed to encourage households to save for future higher education expenses.
Average balance of 529 college savings accounts in the United States 2020 to 2023, by age
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Ascensus. (March 1, 2024). Average balance of 529 college savings accounts in the United States 2020 to 2023, by age (in U.S. dollars) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/1233249/529-savings-average-account-balance-by-age-usa/
Ascensus. "Average balance of 529 college savings accounts in the United States 2020 to 2023, by age (in U.S. dollars)." Chart. March 1, 2024. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/1233249/529-savings-average-account-balance-by-age-usa/
Ascensus. (2024). Average balance of 529 college savings accounts in the United States 2020 to 2023, by age (in U.S. dollars). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/1233249/529-savings-average-account-balance-by-age-usa/
Ascensus. "Average Balance of 529 College Savings Accounts in The United States 2020 to 2023, by Age (in U.S. Dollars)." Statista, Statista Inc., 1 Mar 2024, https://www.statista.com/statistics/1233249/529-savings-average-account-balance-by-age-usa/
Ascensus, Average balance of 529 college savings accounts in the United States 2020 to 2023, by age (in U.S. dollars) Statista, https://www.statista.com/statistics/1233249/529-savings-average-account-balance-by-age-usa/ (last visited August 25, 2024)
Average balance of 529 college savings accounts in the United States 2020 to 2023, by age (in U.S. dollars) [Graph], Ascensus, March 1, 2024. [Online]. Available: https://www.statista.com/statistics/1233249/529-savings-average-account-balance-by-age-usa/