Arkansas Treasurer of State Dennis Milligan’s office announced results of a statewide survey that highlights Arkansans’ awareness of education savings plans. The treasurer’s office administers the Arkansas 529 Education Savings Plan.
“Arkansas 529’s low contribution minimums and significant spending flexibility, combined with a state tax deduction of up to $10,000, make the plan an incredibly attractive option for all Arkansas families,” Milligan said.
The Arkansas 529 Education Savings Plan committee recently surveyed about 70,000 randomly selected Arkansans to measure their preparedness for saving for education.
Respondents were asked how prepared they were for saving for education expenses. Of those who responded, only 22.46% said they think they are saving enough. A total of 39.04% said they have saved some, but could do better, and about the same number said they are worried they haven’t saved enough for future educational expenses.
Respondents ranked the federal and state tax advantages as the most important benefit of the Arkansas 529 plan.
As an incentive to encourage Arkansans to open new Arkansas 529 accounts, the plan is sponsoring an online sweepstakes between now and June 30, 2021 that will award five $529 contributions to new Arkansas 529 account owners. Details may be found at Arkansas529.org.
“When I took office in 2015, I made promoting the Arkansas 529 plan a priority,” Milligan said. “We had $568 million in assets and today, just six years later, we’re at more than $1.1 billion – double what we started with.”