Financial Planning for College: Parental Preparation and Capital Conversion

Catherine A. Manly (), Ryan S. Wells and Genia M. Bettencourt
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Catherine A. Manly: University of Massachusetts Amherst
Ryan S. Wells: University of Massachusetts Amherst
Genia M. Bettencourt: University of Massachusetts Amherst

Journal of Family and Economic Issues, 2017, vol. 38, issue 3, No 9, 438 pages

Abstract: 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.

Keywords: Parental financial planning; College saving; Cultural capital; Financial capital; Capital conversion (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s10834-016-9517-0

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