The National Consortium on Education Savings Research (529 Consortium) is a multi-institution research partnership designed to increase understanding of and participation in education saving plans, especially among underserved and under-represented families. The 529 Consortium brings together leading researchers, state treasurers and other state sponsors, and program administrators to build integrated data infrastructure and conduct policy-relevant research on education savings initiatives.

The rising cost of post-secondary education and evidence that 529 education savings plans are generally underfunded create the need and opportunity to study ways to increase participation and more effective utilization of education savings plans. The 529 Consortium builds on a body of research connecting financial literacy to economic outcomes.

This effort was first proposed by Illinois State Treasurer Michael Frerichs while he served as President of NAST and is inspired in large part by the striking results from recent research by University of Chicago economists John List and Guglielmo Briscese (now a Director at Vanguard) along with Sabrina Liu of the University of Chicago Inclusive Economy Lab, who analyzed more than 900,000 Illinois 529 accounts to reveal how financial literacy gaps limit 529 enrollment, and, as a result, college and post-graduate enrollment.

The 529 Consortium brings together leading researchers, state treasurers and other state sponsors, and program administrators to build integrated data infrastructure and conduct policy-relevant research on education savings initiatives.

The Becker Friedman Institute (BFI) and the Stanford Initiative for Financial Decision-Making (IFDM) serve as Co-Host Institutions of the Consortium.

Five states serve as founding partners: Illinois, Maine, Pennsylvania, Utah, and Virginia. The consortium is convened by the National Association of State Treasurers (NAST) and receives primary support and thought partnership from the National Endowment for Financial Education (NEFE). Investment manager Vanguard and program manager Ascensus provide data support, thought leadership, and expertise.

The 529 Consortium is organized around three core research aims:

• First, it will build integrated data infrastructure to connect administrative records from multiple states and plan administrators to enable rigorous evaluation of 529 programs at scale.
• Second, it will generate policy-relevant research addressing questions critical to state policymakers, including: Which families are using 529 plans? What drives participation and savings behavior? How do plan design features influence outcomes?
• Third, it will disseminate findings directly to policymakers, program administrators, educators, and families, translating research into actionable guidance that improves plan design, boosts participation, and strengthens financial literacy outcomes.

The consortium operates under formal governance structures designed to ensure research independence, data security, and accountability. A Steering Committee, comprised of representatives from each founding state, as well as from UChicago BFI, Stanford IFDM, NEFE, NAST, Ascensus, and Vanguard, provides oversight and strategic direction. A specialized Data Integrity, Access, and Use Committee safeguards participant privacy and research integrity. A Research Committee develops, coordinates, and oversees the research agenda, and the Committee on Communications and Dissemination ensures findings reach their intended audiences.

The 529 Consortium is interested in expanding participation, and the Steering Committee will determine how new members can join. Membership status types available in the 529 Consortium include:

• Participating States: State Treasuries or affiliated 529 program administrators that enter into formal Data Use Agreement (DUAs) with a Host Institution and adhere to the Data Governance Policy.
• Academic and Research Partners: Universities and research organizations contributing to the Consortium’s work under established data and research protocols.
• Industry Partners: Private-sector organizations that operate 529 Education Savings plans (including, but not limited to, plan managers, recordkeepers, asset managers, and technology providers).
• Supporting Organizations: Partner entities such as the National Association of State Treasurers (NAST) and the National Endowment for Financial Education (NEFE) that contribute financially or programmatically.

Information about the 529 Consortium can be found at: stage.529research.org. Sign up for updates by subscribing to our newsletter.

The Research Committee of the 529 Consortium will develop and periodically refresh priorities for research based on topics and research questions identified by the states and participating researchers.  Initial priorities include questions related to:

• Improving program participation,
• Improving education savings totals, and
• Understanding how education savings can improve educational outcomes

Research conducted by the 529 Consortium can be found at: 529research.org/#resources