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Financial Planning for College: Parental Preparation and Capital Conversion

Author

Listed:
  • Catherine A. Manly

    (University of Massachusetts Amherst)

  • Ryan S. Wells

    (University of Massachusetts Amherst)

  • Genia M. Bettencourt

    (University of Massachusetts Amherst)

Abstract

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.

Suggested Citation

  • Catherine A. Manly & Ryan S. Wells & Genia M. Bettencourt, 2017. "Financial Planning for College: Parental Preparation and Capital Conversion," Journal of Family and Economic Issues, Springer, vol. 38(3), pages 421-438, September.
    • Handle: RePEc:kap:jfamec:v:38:y:2017:i:3:d:10.1007_s10834-016-9517-0
    DOI: 10.1007/s10834-016-9517-0
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    References listed on IDEAS

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    Cited by:

    1. Kyoung Tae Kim & Jae Min Lee, 2021. "A Review of a Decade of Financial Behavior Research in the Journal of Family and Economic Issues," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 131-141, July.
    2. Congrong Ouyang & Sherman D. Hanna & Kyoung Tae Kim, 2019. "Are Asian Households in the U.S. More Likely than Other Households to Help Children with College Costs?," Journal of Family and Economic Issues, Springer, vol. 40(3), pages 540-552, September.

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