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Child Development Accounts and Saving for College: Mediated by Parental Educational Expectations?

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  • Youngmi Kim
  • Jin Huang
  • Michael Sherraden
  • Margaret Clancy

Abstract

Objective Child Development Accounts (CDAs) are universal and progressive savings accounts that facilitate saving for long‐term developmental goals, including postsecondary education. We examine whether parents’ educational expectations for their children motivate them to increase saving for children's education and whether parents’ expectations mediate the positive effect of CDAs on parental saving. Methods We use logistic regressions to analyze data from SEED for Oklahoma Kids (SEED OK), a randomized policy experiment implemented in Oklahoma (N = 2,161). Results Our study shows that the likelihood of holding a 529 college savings account is greater among treatment mothers than among control‐group counterparts and greater for mothers with higher expectations. Yet, we find no evidence that parents’ expectations play a mediating role in the SEED OK intervention's relationship with 529 account holding. Conclusions Institutional supports from CDAs and enabling parents to maintain positive parental expectations would make substantial differences in parents’ financial investment for their child's education.

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  • Youngmi Kim & Jin Huang & Michael Sherraden & Margaret Clancy, 2018. "Child Development Accounts and Saving for College: Mediated by Parental Educational Expectations?," Social Science Quarterly, Southwestern Social Science Association, vol. 99(3), pages 1105-1118, September.
    • Handle: RePEc:bla:socsci:v:99:y:2018:i:3:p:1105-1118
    DOI: 10.1111/ssqu.12479
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    Cited by:

    1. Azzolini, Davide & Martini, Alberto & Rettore, Enrico & Romano, Barbara & Schizzerotto, Antonio & Vergolini, Loris, 2018. "Testing a Social Innovation in Financial Aid for Low-Income Students: Experimental Evidence from Italy," IZA Discussion Papers 11625, Institute of Labor Economics (IZA).
    2. Mengling Zhang & Zhenlin Weng & Zhaojiu Chen & Feng Wu, 2022. "Land Endowment and Parental Educational Investment in Rural China," Sustainability, MDPI, vol. 14(8), pages 1-14, April.
    3. Haiyang Lu & Peng Nie & Alfonso Sousa-Poza, 2021. "The Effect of Parental Educational Expectations on Adolescent Subjective Well-Being and the Moderating Role of Perceived Academic Pressure: Longitudinal Evidence for China," Child Indicators Research, Springer;The International Society of Child Indicators (ISCI), vol. 14(1), pages 117-137, February.
    4. Alberto Martini & Davide Azzolini & Barbara Romano & Loris Vergolini, 2021. "Increasing College Going by Incentivizing Savings: Evidence from a Randomized Controlled Trial in Italy," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 40(3), pages 814-840, June.
    5. David Ansong & Moses Okumu & Frank Otchere & Isaac Koomson & Michael Sherraden, 2021. "Addressing the Burden of Education Financing in Low and Lower-Middle-Income Countries: The Role of Savings Accounts, Cash Transfers, and Other Income Sources," Journal of Family and Economic Issues, Springer, vol. 42(4), pages 745-756, December.
    6. Fang, Shu & Huang, Jin & Wu, Shiyou & Jin, Minchao & Kim, Youngmi & Henrichsen, Courtney, 2020. "Family assets, parental expectation, and child educational achievement in China: A validation of mediation analyses," Children and Youth Services Review, Elsevier, vol. 112(C).

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