College costs continue to rise, and an Edward Jones survey finds that 83% of Americans say they cannot afford the expense of a college education.
It’s the fourth year that Edward Jones has surveyed Americans about college savings. And this year’s poll also finds that just 34% can identify 529 plans, down from 37% in 2012, but up from 30% in 2014.
The survey results, released early Wednesday, show that only 17% of Americans overall believe they can cover the expense of college for themselves or a family member. Male respondents are nearly twice as likely to indicate “yes” than their female counterparts, 21% vs. 11%.
Among those with higher incomes, $100,000 a year or more per household, only 37% say they can afford the cost.
Those in this group, 58%, are more likely to correctly identify 529 plans as college-savings tools from among four potential options, according to Edward Jones. Yet just 35% of respondents with children ages 13-17 could correctly identify these plans. (Congress recently updated some 529 plan rules.)