Financial Planning for College: Parental Preparation and Capital Conversion

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: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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Family and Economic Issues Springer Journals

Financial Planning for College: Parental Preparation and Capital Conversion

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Publisher
Springer Journals
Copyright
Copyright © 2017 by Springer Science+Business Media New York
Subject
Social Sciences; Sociology, general; Social Sciences, general; Personality and Social Psychology; Social Policy
ISSN
1058-0476
eISSN
1573-3475
D.O.I.
10.1007/s10834-016-9517-0
Publisher site
See Article on Publisher Site

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.

Journal

Journal of Family and Economic IssuesSpringer Journals

Published: Jan 18, 2017

References

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