If you're like most Massachusetts parents, you'll agree that the value of a college education is worth the cost, and saving for that expense is a top priority, even though you may not be sure what the full sticker price of college will be.
Every two years, MEFA and Fidelity Investments collaborate on the College Savings Indicator (CSI) Study to understand consumer thinking surrounding saving for college. This year, we learned a few key facts about what Massachusetts families believe:
1. College is still a valuable investment
- 89% of Massachusetts parents agree that the value of a college education is worth the cost.
2. Saving for college expenses is more important than ever
- 72% of Massachusetts parents consider saving for college to be in their top 3 savings priorities (up from 64% in 2022).
- 80% of Massachusetts parents have started saving for college, and 67% of parents are saving regularly.
- 62% of Massachusetts parents have a plan in place to reach their college savings goals, and 82% say they'll either continue their regular contributions or even increase their contributions for the remainder of the year.
- 66% agree that concerns about student loan debt is a motivating factor in saving for college.
3. Parents should bear some of the burden to pay for college
- 64% of Massachusetts parents plan to pay for a portion of college costs (61% of all education costs is the goal, though they are only on track to meet 26% of that goal).
4. There are competing financial priorities to saving for college costs
- 93% of Massachusetts parents are concerned about inflation and rising college costs, and say that the barriers to saving more include credit card debt (18%), inflation (13%), and day-to-day expenses (12%).
"Saving for college remains a top priority for many Massachusetts families, and MEFA understands the challenges that parents are facing as the cost of living continues to rise," said Thomas Graf, Executive Director of MEFA. "Though saving for the future may seem overwhelming right now, MEFA reminds families that even the smallest amount of college savings will make a difference over time. And MEFA's college planning guidance and resources help families plan, save, and pay for their child's future."
To learn more about saving for college, call us at (800) 449-MEFA (6332) or view our Saving for College overview here. Every little bit counts, and by setting aside funds regularly you can make sure you've made saving for college one of your top priorities.
To learn more about the 2024 College Savings Indicator Study, view the full press release on fidelity.com.
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