May 29 is 529 Day, a national observance that acknowledges the importance of the college savings tool, but 66% of Americans still dont understand what 529 plans are, according to financial services firm Edward Jones.
In its annual 529 Plan Awareness Survey, Edward Jones found that only 34% of Americans could correctly identify a 529 plan as a college savings vehicle from among four options, up slightly from 30% in 2014 but down from 37% in 2012.