Are Asian American Households More Likely than Other Households to Expect to Help Children with College Costs?
Journal of Family and Economic Issues, Forthcoming.
30 Pages Posted: 24 Jan 2019
Date Written: January 18, 2019
We tested whether Asian American parents place more importance on helping their children with college costs than parents with other racial/ethnic groups. Our logistic regression controlling for household characteristics shows that among households with at least one child age 13 to 17, Asian American parents are not different from other racial/ethnic groups in expecting to contribute to their children’s college costs, suggesting that this social norm does not differ. White parents are much less likely than Asian American parents to list college as an important saving goal, controlling for expecting to help with college costs. In addition to saving for college, parents may have other ways to help with college costs and some parents may have met the goal already.
Keywords: College saving, Financial planning, Asian American households, social norms, Survey of Consumer Finances
JEL Classification: D11; D12; D14; I2
Suggested Citation: Suggested Citation