More parents are saving for college—and they’re saving more money

Wednesday, September 28, 2016

Chicago, IL- Sallie Mae and Ipsos released the sixth edition of How America Saves for College on September 28, 2016. The study finds that more families are saving for college in 2016 than in the prior three years of How America Saves for College. Fifty-seven percent of parents reported saving—up 9 percentage points from 2015. The average amount parents have saved for college is also up, at $16,380.

Millennials committed to saving for college

Millennial parents — age 35 or younger — feel more confident (64 percent) than other generations about meeting the cost of college and they are more committed to saving for college. More Millennials are saving (65 percent, vs. 50 percent of Gen X parents and 61 percent of Baby Boomer parents), and Millennials have saved more money ($20,155, on average, vs. $12,428 for Gen Xers and $18,323 for Baby Boomers). Forty-four percent of Millennial parents are using 529 plans, compared with 36 percent of Gen Xers and 23 percent of Baby Boomers. When it comes to paying for college, nearly four in ten (38 percent) Millennial parents believe the parent should be solely responsible, compared to 26 percent of Gen Xers and 18 percent of Baby Boomers.

“How America Saves for College 2016” reports the results of online interviews Ipsos conducted in May and June 2016 of nearly 2,000 American parents with at least one child younger than age 18. The report and a related infographic are available at www.SallieMae.com/HowAmericaSavesForCollege.

For more information on this news release please contact:

Julia Clark
Senior Vice President, U.S.
Ipsos Public Affairs
312.526.4919
julia.clark@ipsos.com

Jennifer Berg
Account Manager, U.S.
Ipsos Public Affairs
312.526.4224
jennifer.berg@ipsos.com

About Ipsos

Ipsos ranks third in the global research industry. With a strong presence in 87 countries, Ipsos employs more than 16,000 people and has the ability to conduct research programs in more than 100 countries. Founded in France in 1975, Ipsos is controlled and managed by research professionals. They have built a solid Group around a multi-specialist positioning – Media and advertising research; Marketing research; Client and employee relationship management; Opinion & social research; Mobile, Online, Offline data collection and delivery -. Ipsos has been listed on the Paris Stock Exchange since 1999.

About Sallie Mae

Sallie Mae (NASDAQ: SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance, including private education loans, Upromise rewards, scholarship search, college financial planning tools, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.


More parents are saving for college—and they’re saving more money

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Contact

Julia Clark
Senior Vice President, US
Ipsos Public Affairs
+1.312.526.4919
julia.clark@ipsos.com
Jennifer Berg
Senior Account Manager, US
Ipsos Public Affairs
+1 312 526 4224
jennifer.berg@ipsos.com