Mixed Report on Savings for College

Families' overall savings are up 7 percent from last year, but the picture is mixed on college savings, according to a new report by Sallie Mae. The total average savings is now $115,604, but 53 percent of that total is earmarked for retirement, while only 10 percent is set aside for college for children. During the last year, savings for college by middle- and upper-income families went up, but the value of savings by low-income families dipped.