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The age old question, which comes first? A simultaneous test of children's savings and children's college-bound identity

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  • Elliott, William
  • Choi, Eun Hee
  • Destin, Mesmin
  • Kim, Kevin H.

Abstract

This study has three goals: (1) to provide an extensive review of research on the assets/expectation relationship, (2) to provide a conceptual framework for how children's savings effects children's college-bound identity (children's college expectations are a proxy for children's college-bound identity), and (3) to conduct a simultaneous test of whether owning a savings account leads to college-bound identity or college-bound identity lead to owning a savings account using path analytic technique with Structural Equation Modeling (SEM). Our review reveals asset researchers theorize about college-bound identity in two distinct but compatible ways: college-bound identity as a "linking mechanism", and college-bound identity as a mediator. However, there has been little theoretical development on the attitudinal effects of assets. In this study, we posit a conceptual framework for how children's savings affects children's college-bound identity. Findings from the simultaneous test of the assets/college-bound identity relationship suggest that savings has modest effect on college-bound identity and vice versa. A policy implication is that asset building policies that seek to build children's college-bound identity in addition to their savings may be more effective than policies that only seek to build children's savings.

Suggested Citation

  • Elliott, William & Choi, Eun Hee & Destin, Mesmin & Kim, Kevin H., 2011. "The age old question, which comes first? A simultaneous test of children's savings and children's college-bound identity," Children and Youth Services Review, Elsevier, vol. 33(7), pages 1101-1111, July.
    • Handle: RePEc:eee:cysrev:v:33:y:2011:i:7:p:1101-1111
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    References listed on IDEAS

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    9. Elliott, William & Sherraden, Margaret & Johnson, Lissa & Guo, Baorong, 2010. "Young children's perceptions of college and saving: Potential role of Child Development Accounts," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1577-1584, November.
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    Cited by:

    1. Sherraden, Margaret & Peters, Clark & Wagner, Kristen & Guo, Baorong & Clancy, Margaret, 2013. "Contributions of qualitative research to understanding savings for children and youth," Economics of Education Review, Elsevier, vol. 32(C), pages 66-77.
    2. Elliott, William, 2013. "Small-dollar children's savings accounts and children's college outcomes," Children and Youth Services Review, Elsevier, vol. 35(3), pages 572-585.
    3. Nikolaos Satsios & Kostas Karamanis & Aikaterini Galanou & Ioannis Sotiropoulos, 2020. "The Saving Behaviour of Pomaks in Bulgaria: A Path Analysis Approach," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 105-120.
    4. Beverly, Sondra G. & Kim, Youngmi & Sherraden, Michael & Nam, Yunju & Clancy, Margaret, 2015. "Can Child Development Accounts be inclusive? Early evidence from a statewide experiment," Children and Youth Services Review, Elsevier, vol. 53(C), pages 92-104.
    5. Elliott, William & Zheng, Haotian & Sabol, Terri & O'Brien, Megan, 2021. "A step toward measuring children’s college-bound identity in children’s savings accounts programs: The case of promise scholars," Children and Youth Services Review, Elsevier, vol. 121(C).
    6. 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.
    7. Friedline, Terri & Elliott, William & Chowa, Gina A.N., 2013. "Testing an asset-building approach for young people: Early access to savings predicts later savings," Economics of Education Review, Elsevier, vol. 33(C), pages 31-51.
    8. Ansong, David & Chowa, Gina A. & Sherraden, Michael, 2015. "Household assets, academic expectations, and academic performance among Ghanaian junior high school students: Investigating mediation," Children and Youth Services Review, Elsevier, vol. 50(C), pages 101-110.
    9. Melinda Lewis & Megan O'Brien & Amanda Jones‐Layman & Elizabeth A. O'Neill & William Elliott, 2017. "Saving and Educational Asset Building Within a Community‐Driven CSA Program: The Case of Promise Indiana," Poverty & Public Policy, John Wiley & Sons, vol. 9(2), pages 188-208, June.
    10. 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).
    11. Elliott, William & Song, Hyun-a & Nam, Ilsung, 2013. "Small-dollar accounts, children's college outcomes, and wilt," Children and Youth Services Review, Elsevier, vol. 35(3), pages 535-547.
    12. Elliott, William & Destin, Mesmin & Friedline, Terri, 2011. "Taking stock of ten years of research on the relationship between assets and children's educational outcomes: Implications for theory, policy and intervention," Children and Youth Services Review, Elsevier, vol. 33(11), pages 2312-2328.
    13. Ray Boshara & William R. Emmons, 2015. "A Balance Sheet Perspective on Financial Success: Why Starting Early Matters," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(1), pages 267-298, March.

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