Despite the pandemic, a record high 78% of parents have already put money away for college, according to an annual study of college savings trends by Fidelity Investments.
That figure is substantially higher than the 58% who had started saving when the study first began in 2007, Fidelity said, but noted that parents are still falling short on funding their college savings goals.
“Parents hope to pay for 65% of their children’s college education, but they are only on track to cover 33% of that goal, up from 28% in 2018,” Fidelity said in a release.
The study found that 71% of parents are concerned about COVID-19’s impact on their ability to save for college and 32% are not even sure what college will cost by the time their children enroll. Nevertheless, only 9% of parents plan to decrease contributions to their children’s college savings this year.
The survey found that if distance learning becomes more common down the road, 36% of parents say they will have their child attend a less expensive college since they would not want to pay full tuition for virtual classes. Still, 77% of parents agree college is worth its cost, and 81% believe their children feel the same way.
Looking to refine your strategy for investing in stocks in the US market? Discover expert insights, key trends, and risk management techniques to maximize your returns
The RIA led by Merrill Lynch veteran John Thiel is helping its advisors take part in the growing trend toward fee-based annuities.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
