The 529 plan is no way for the poor and middle-income segments of the population to save up for college — in fact, they're really designed to be of more help to those who make more money.

So says a report on the Huffington Post, which adds that not only do 529s benefit higher-income families more than those who make less, they're little known among those on the low end of the income spectrum and too complicated for them to manage.

The report, originally published on The Conversation and written by Robert H. Scott III, associate professor of economics, Monmouth University and Steven Pressman, Professor of Economics, Colorado State University, points out the need for a college degree and the million-dollar earnings difference over the course of a lifetime it represents drives people to pursue a higher education.