(Bloomberg) -- Americans are stashing away cash for college.
A record 13.3 million families took advantage of Internal Revenue Service section 529 tax-advantaged savings plans for educational expenses last year -- an increase of 3 percent over 2016, according to the College Savings Plans Network in Lexington, Kentucky.
“No amount is too small to start saving or contribute,” said James DiUlio, the network's chair.
Total investments by 529 plans, in which earnings used for qualified educational expenses are not taxed, set an all-time high of $319.1 billion last year -- up 16 percent or $44 billion from 2016, the data show.
The average account size also set a record at $24,057.
Year | Average | Assets (US$b) | Total accounts* |
| 2017 | $24,057 | $319.1 | 13,264,331 |
| 2016 | $21,383 | $275.1 | 12,865,360 |
| 2015 | $20,190 | $253.2 | 12,540,862 |
| 2014 | $20,474 | $247.7 | 12,098,271 |
| 2013 | $19,584 | $227.1 | 11,596,201 |
| 2012 | $17,174 | $190.7 | 11,103,994 |
| 2011 | $15,349 | $164.9 | 10,743,371 |
| 2010 | $15,492 | $157.4 | 10,160,083 |
| 2009 | $13,188 | $133.4 | 10,115,256 |
| 2008 | $10,690 | $104.9 | 9,812,909 |
* Total accounts estimated by Bloomberg
To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net
To contact the editors responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net, Vincent Del Giudice
©2018 Bloomberg L.P.
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