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

See all articles by CoCo Ouyang

CoCo Ouyang

Ohio State University

Sherman D. Hanna

Ohio State University (OSU)

Kyoung Tae Kim

University of Alabama

Date Written: January 18, 2019

Abstract

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

Ouyang, Congrong and Hanna, Sherman D. and Kim, Kyoung Tae, Are Asian American Households More Likely than Other Households to Expect to Help Children with College Costs? (January 18, 2019). Journal of Family and Economic Issues, Forthcoming.. Available at SSRN: https://ssrn.com/abstract=3318370

Congrong Ouyang

Ohio State University ( email )

Columbus, OH
United States

Sherman D. Hanna (Contact Author)

Ohio State University (OSU) ( email )

1787 Neil Avenue
Campbell 265D
Columbus, OH 43210
United States
614-292-4584 (Phone)

Kyoung Tae Kim

University of Alabama ( email )

312 Adams Hall
Tuscaloosa, AL 35487-0001
United States

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