The Utah Educational Savings Plan has announced the number of accounts it manages has exceeded 300,000, nearly doubling the number reported in 2009 at the end of the financial crisis.
The Deseret News reports that the growth is attributed to an increasing number of families investing in Utah's official 529 College Savings Plan for their children.
Utah has followed a national trend of growth, as the number of 529 plans increased across the U.S. by nearly 22 percent from 2009, when there were 10.1 million accounts. According to the College Savings Network, there are now about 12.3 million accounts.
Several factors drive the demand for Utah Educational Savings Plan accounts, including investment choices, low fees, and tax advantages.