More parents are saving money for kids' college

May 31, 2011 9:32:23 PM PDT
Despite the weak economy, more parents are saving money for their children's college funds. The Los Angeles Times says last year, Americans put $9 billion into government run college savings accounts, known as 529 plans. That's up from $5 billion in 2008.

Experts say the biggest factor in the increase is parents' fear their children won't be able to afford college.

Right now, the average cost of a year's tuition, room and board is more than $16,000 at public universities and $37,000 at private ones.