Financial Planning for College: Parental Preparation and Capital Conversion

This study explores the conversion of cultural capital into economic capital, and specifically financial capital in the form of parental financial planning for children’s college education, including reported financial preparations and savings. Using data from the Education Longitudinal Study (ELS:2...

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Bibliographic Details
Published in:Journal of family and economic issues 2017-09, Vol.38 (3), p.421-438
Main Authors: Manly, Catherine A., Wells, Ryan S., Bettencourt, Genia M.
Format: Article
Language:English
Subjects:
Aspiration
Capital
Children
Conversion
Cultural capital
Education
Family
Financial planners
Financial planning
Higher education
Longitudinal studies
Original Paper
Parent participation
Parents & parenting
Personality and Social Psychology
Planning
Savings
Social classes
Social Policy
Social Sciences
Sociology
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Summary:This study explores the conversion of cultural capital into economic capital, and specifically financial capital in the form of parental financial planning for children’s college education, including reported financial preparations and savings. Using data from the Education Longitudinal Study (ELS:2002), logistic regression-based analyses of aspects of cultural capital indicated that parental involvement exhibited the most prevalent relationship with financial planning and the amount saved, and that parents’ expectations, but not their aspirations, corresponded to engagement in financial planning. Findings support the conclusion that some parents convert part of their cultural capital to financial capital in preparation for paying for their child’s college education, perhaps representing a typically hidden facet of social class reproduction.
ISSN:1058-0476
1573-3475
DOI:10.1007/s10834-016-9517-0