Everybody's Business

Sallie Mae and Gallup recently reported on college savings.  Key findings include (From the Sallie MAe website):

• On average, parents who save for college earmark 3.6 percent of annual income for their child’s education, however, households earning under $50,000 set aside on  7.5 percent of their annual income.
• Only 29 percent of families are on track to reach their savings goal.
• On average, parents began saving when their oldest child was almost three years old. Parents of children 12 and under are more likely than parents of teens to have saved.
• Families saved an average of $2,676 for college annually, for an average total of $13,827.