Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—is pleased to announce that more than $1 billion has been gifted to 529 education savings accounts through Ascensus' Ugift®. Since reaching $500 million in December of 2017, 529 gifting contributions have increased significantly with nearly $270 million gifted in 2019 alone.

Launched in 2007, Ugift is an easy, free-to-use service that lets 529 account owners encourage family and friends to give the gift of education savings in lieu of traditional gifts. Contributions can be made directly and securely at any time, and gift givers can make a one-time gift or even schedule recurring gifts for multiple beneficiaries. Ascensus also offers the Ugift program to individuals living with disabilities as a benefit of their ABLE savings accounts.

"Ugift was designed to help savers crowdsource their education savings goals through a single, secure platform. As the program continued to grow, we decided to offer an enhanced experience, making it even easier for loved ones to track and schedule regular gifts," states Kevin Cox, head of Ascensus' Government Savings division. "These new features were immediately embraced by both account owners and family and friends looking to give the gift of savings, contributing to this exciting milestone of more than $1 billion gifted."

Ascensus' data also suggests that Ugift experiences a major spike in utilization over the holiday season. In fact, 26% of all dollars gifted in 2019 were contributed in the months of November and December.

"As the year came to a close, we were excited to see holiday gifting contributions reach record highs as more people recognized the importance of giving the gift of education savings," concludes Cox.

Ascensus continues to invest in Ugift, and is currently piloting additional crowd funding capabilities for this savings aid.

For more information on Ugift, visit Ugift529.com or UgiftABLE.com.

About Ascensus

Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. Explore the firm's latest data and insights on savings behaviors at pulse.ascensus.com and view career opportunities at careers.ascensus.com.