Despite downturn, 529s make sense to me

She urges people who are considering opening 529 accounts to pay attention to the various investment options and determine their own risk tolerance. And remember: young children still have time to recover.

"How many economic cycles are they going to go through between now and the time they graduate from high school?" Ward says. "They're going to see some ups and downs."

She also reminds Utah taxpayers that they will receive a state tax credit for investing in the UESP. And regardless of the market, investing in the UESP sends a message to your child or grandchild that you want and expect him or her to go to college.

People appear to be getting that message, despite the down economy. While the rate of people signing up for the UESP has slowed in recent months, Lynne says it still drew $60 million in new contributions between Thanksgiving and New Year's Eve.

In other words, 529 plans offer no guarantees. But I believe the UESP is a good option if you want to save money for your children's education. And I think saving is always a good idea.

If you have comments or financial questions, send them to gkratz@desnews.com or to the Deseret News, P.O. Box 1257, Salt Lake City, UT 84110. Or post your comments online in the "Family finances" section of the Deseret News "Life Talk" message boards at lifetalk.deseretnews.com. E-mail: gkratz@desnews.com