Before starting a family, Asha Bailey and her husband were already looking for the best ways to plan for their future children’s financial security. In their community in San Diego, 529 college savings plans often came up in conversation.

Wanting to learn more, Ms. Bailey and her husband visited their credit union to explore opening a 529 account. But when they learned that the plan could be used only for educational purposes, which their children might not require, they weren’t thrilled.

“As much as I would love and want to encourage my kids to go to college and further their education, it just might not be what they end up doing,” said Ms. Bailey, 29, who works as a wedding photographer. “I have no idea the kind of people that they’re going to grow up to be. So, for me, I want to have the most flexibility with that money.”

Instead, Ms. Bailey and her husband opened a brokerage account after her financial adviser recommended it to them. They liked the idea of withdrawing money in case of emergencies or other expenses not related to just education.

For generations, 529 college savings plans were a no-brainer for most parents wanting to start a college fund. They are tax-advantaged and primarily used to pay for higher education expenses. The accounts can be used for a range of education-related expenses, not just college tuition, like books, private K-12 tuition and more. If funds go unused, the account can be transferred to another beneficiary, like a sibling or a grandchild.

But now, some parents are pumping the brakes on the accounts and rethinking how they plan to save for their children’s future. With growing uncertainty around the value of higher education, and a fear of locking funds into something their child may not use, many of these parents are looking for flexible plans that don’t tie their money exclusively to higher education.