The percentage of people who know what a 529 college savings plan is has shrunk, according to a recent survey by Edward Jones.

The company’s "529 Plan Awareness Survey," released Wednesday, found that of 1,013 respondents, 69 percent did not know what a 529 plan is. Last year, the figure was only 62 percent.

These plans are tax-advantaged, long-term investment vehicles designed specifically for students' future higher education expenses. Edward Jones said that the study revealed a startling lack of preparation among consumers for the rising costs of college.

Even more alarming, according to Edward Jones, is that there was an even greater drop in awareness among people with young children. Last year, 38 percent of the 18- to 34-year-olds surveyed knew what a 529 plan was. That number has dropped to 27 percent this year. The number of those aged 35 to 44 who were aware of the plans dropped from 47 percent to 39 percent.

The survey also showed less awareness among people in the Southern and Western areas of the country. Only 26 percent of those respondents were familiar with the plans, while 45 percent of those in the Northeast were.

Awareness increased with household income level. Eighteen percent of respondents with household incomes of less than $35,000 know what the plans are, while 32 percent of those with income between $35,000 and $50,000 do. Awareness rose to 51 percent among the wealthiest households -- those with at $100,000 or more.

The survey also asked if the respondents think the expense of a college education is worth it. Twenty-eight percent said it wasn’t. Of the 72 percent who said it was, 38 percent stipulated that it was only worth it if the student could get into a high-paying industry.

“Without a doubt, the cost of college can be daunting figure for families to navigate,” says Greg Dosmann, a college savings expert at Edward Jones. “Tackling this goal over the long term can reduce much of the stress caused by those costs.”

Edward Jones will hold a 529 plan awareness day at branch offices on May 29, which is designated “Save for Education Day.”