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Examining parental educational expectations in one of the oldest children’s savings account programs in the country: The Harold Alfond College Challenge

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Listed:
  • Chen, Zibei
  • Elliott, William
  • Wang, Kaipeng
  • Zhang, Anao
  • Zheng, Haotian

Abstract

This study draws data from a Children’s Savings Accounts (CSA) program and investigates the relationship between CSA enrollment policy (opt-in vs opt-out) and parental educational expectations. Opt-in programs require families to sign up to participate whereas opt-out programs automatically enroll participants. This study finds that Maine parents with a CSA, regardless of whether they opt-in or are automatically enrolled, are more likely to expect their child to attend college than parents who do not have a CSA. Further, our findings show no difference in educational expectations between parents who opt-in and those who are automatically enrolled under an opt-out policy. This study contributes to the CSA field by examining enrollment policy design on one of the oldest and most well-known CSA programs in the US.

Suggested Citation

  • Chen, Zibei & Elliott, William & Wang, Kaipeng & Zhang, Anao & Zheng, Haotian, 2020. "Examining parental educational expectations in one of the oldest children’s savings account programs in the country: The Harold Alfond College Challenge," Children and Youth Services Review, Elsevier, vol. 108(C).
    • Handle: RePEc:eee:cysrev:v:108:y:2020:i:c:s0190740919306711
    DOI: 10.1016/j.childyouth.2019.104582
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    References listed on IDEAS

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    1. William Elliott & Melinda Lewis, 2015. "Student Debt Effects On Financial Well-Being: Research And Policy Implications," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 614-636, September.
    2. Jin Huang & Sondra G. Beverly & Youngmi Kim & Margaret M. Clancy & Michael Sherraden, 2019. "Exploring a Model for Integrating Child Development Accounts with Social Services for Vulnerable Families," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(3), pages 770-795, September.
    3. Elliott III, William, 2009. "Children's college aspirations and expectations: The potential role of children's development accounts (CDAs)," Children and Youth Services Review, Elsevier, vol. 31(2), pages 274-283, February.
    4. Dynarski, Susan, 2004. "Who Benefits From the Education Saving Incentives? Income, Educational Expectations and the Value of the 529 and Coverdell," National Tax Journal, National Tax Association;National Tax Journal, vol. 57(2), pages 359-383, June.
    5. Kim, Youngmi & Sherraden, Michael, 2011. "Do parental assets matter for children's educational attainment?: Evidence from mediation tests," Children and Youth Services Review, Elsevier, vol. 33(6), pages 969-979, June.
    6. Kim, Youngmi & Huang, Jin & Sherraden, Michael & Clancy, Margaret, 2017. "Child Development Accounts, parental savings, and parental educational expectations: A path model," Children and Youth Services Review, Elsevier, vol. 79(C), pages 20-28.
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