The number of people in the United States who are attending a four-year college is higher than at any other time in history; however, getting a degree is also more expensive than ever before. Despite the cost, the upside is significant—those with a college education experience higher lifetime earnings and more opportunities to build long-term wealth. But the rising cost of attendance also leaves too many Americans who are living on low to moderate incomes (LMI) with substantial burdens when furthering their education. 

One piece of this confusing financial puzzle is a 529 college savings plan, a tax-advantaged investment account designed to encourage saving for higher education costs. 

This report summarizes insights from Commonwealth’s research on the cost of post-secondary education as a significant barrier to wealth building and the role employers can play as partners in providing varying levels of 529 college savings plan support to workers earning LMI. 

This report is made possible thanks to the generous support of MetLife Foundation.