As the cost of higher education continues to rise, the question many American families face is no longer whether college is valuable, but whether it is financially possible. In Arizona, that question has increasingly been addressed through the expansion of the state’s 529 education savings program—an effort taken up by state Treasurer Kimberly Yee.
A 529 plan, as Yee describes it, is simple in structure but powerful in impact: “529 plans are state-sponsored savings plans and all of, at least most, I would say, of the states in the country have a 529 plan.” Designed to help families invest in future education costs with tax advantages, the plans are intended to make long-term financial preparation more accessible. But when Yee took office in 2019, she quickly realized that accessibility was not the problem—awareness was.
“I really saw that the office [the 529 plan policy] was being housed in was really not maximizing the marketing to help just the general family understand what it was,” she said. At the time, the program existed, but it was largely invisible to the families it was meant to serve. In one example, Yee recalled reviewing its lack of online presence. “I checked out their Twitter page. And like one Monday morning, the only message they had was, ‘Happy Monday.’”
For Yee, the issue was not a lack of infrastructure, but a failure of outreach. She said that the original office “was expecting parents to look for it rather than bringing the office to the parents.” The consequence was that many families, particularly those without prior exposure to college planning, never encountered the program at all.
That realization shaped her approach. After successfully moving administration of the 529 program to the state treasurer’s office in 2020, Yee made it a part of her broader mission centered on financial literacy. Her goal extended beyond increasing enrollment; it was about changing who felt included in the conversation about higher education.
“I really wanted to see it expand to families that have never thought about going to college before,” she said. Many of those families, she noted, face not just financial barriers but psychological ones. “They never thought they could afford college…[they] never thought they could even go to college because their family has never had anybody go to college.”
Under Yee’s leadership, outreach efforts have expanded significantly. The Arizona Treasury has translated materials into Spanish and Navajo, brought information directly into communities, and partnered with local events to meet families at critical moments—sometimes as early as the birth of a child. The strategy reflects a deliberate shift from passive availability to active engagement. As Yee put it, previous efforts “didn’t really reach them where they are.”
The results have been measurable. Since the program moved under the Treasury’s direction, participation has grown steadily, with 54,100 new accounts added at roughly 1,000 per month, according to Yee. While growth alone does not solve the problem of rising college costs, it signals a shift toward earlier and more intentional financial planning.
Policy changes have also played a role in expanding the program’s appeal. One recent update allows unused 529 funds to be transferred into a retirement account, addressing a common concern among families hesitant to overcommit. As Yee explained, “There were a lot of families who thought, ‘Well, I don’t want to put too much money in because then it will just sit there if my child doesn’t use it all for college.’” The added flexibility transforms the plan from a perceived risk into a more adaptable financial tool.
At the same time, Yee has worked to embed financial literacy more deeply into Arizona’s education system. A 2019 law requires financial education to be included within high school economics courses, ensuring that students are exposed to basic financial concepts before graduating. However, efforts such as creating a standalone financial literacy requirement have faced resistance.
“While everybody loves the idea, it just never gets to the finish line,” Yee said, describing the repeated challenges of passing more comprehensive legislation. The difficulty reflects broader tensions in education policy, where competing priorities and institutional constraints often slow reform.
Even so, Arizona’s approach highlights a broader shift in how states are addressing the cost of higher education. Rather than focusing solely on financial aid or debt after the fact, the emphasis is increasingly on early awareness and long-term preparation. By connecting financial literacy with practical tools like 529 plans, the state is working to change not just outcomes, but expectations.
In that sense, the expansion of Arizona’s 529 program is about more than savings accounts. It is about redefining who sees college as attainable, and ensuring that the knowledge to prepare for it is not limited to those who already know where to look.
