But How are YOU Feeling?

Some good news

Where you save matters. Parents saving for college using a 529 plan are more likely to feel successful, excited, thankful, and even joyful about their efforts. I wish I could say that’s because 529 plans have some secret ingredient that makes you feel good. In reality, I think you the parents are the secret ingredient. In my work, I see time and time again how 529 parents make smart forward-looking decisions and have earned the right to feel good about that.

Evidently where you live matters too. California parents feel better about their college savings efforts than those living elsewhere. I’ll leave it up to you to figure out the reason behind that, but it is still nice to know.

It’s a journey

Parents of young children who have already started to save for college often report they are proud of their efforts and should be because they are getting an early start. College is a long way off for them, however, so it is often hard for these parents to feel confident about how things will wind up.

Parents of high school students, by comparison, are more confident that their children will actually attend college, feel better about their college savings progress, and overall are more optimistic about paying for college. But as college gets closer, parent-savers are also more likely to report they feel disheartened, regretful, and helpless.

There are a lot of mixed feelings

There are people out there who are feeling just plain old happy about paying for college and others who just feel badly, but for most, it is a mixed bag.

• Three-fourths of those who feel proud of their college savings efforts also feel regretful.
• Over half the people who say they feel successful also say they feel alone.
• And nearly half of those who say they feel optimistic also report feeling depressed about it.

According to one article in the National Library of Medicine, “The experience of mixed emotions is thought to indicate healthier outcomes.”² So if you’re one of those people with mixed feelings, well, keep up the good work.

Maybe being anxious isn’t a bad thing either

Among college savers who report being anxious or very anxious about paying for college…

• 94% believe their child can afford to go to school full-time.
• 92% anticipate their child will be able to afford to start college right after high school.
• 92% feel there will be at least a good range of schools within their budget.
• 90% think their children will graduate college without having to take on too much debt.

All this paints a positive picture despite the anxiety. And while there are differences in expectations between the anxious and very confident, these aren’t about the basics. It’s about providing the cherry on top of the ice cream sundae.

• 69% of the very confident think their child will be able to afford any school they want to attend, regardless of cost vs. 15% for anxious savers.
• 66% of the very confident feel their child will not have to work (work-study or other employment) during the school year vs. 21% of anxious savers.
• 74% of the very confident feel their children will graduate with no debt whatsoever vs. 16% for anxious savers.

I’m a big fan of cherries and extra whipped cream, but let’s keep things in perspective. I can’t buy any car I want regardless of cost either.