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Planning for the American Dream: The College-Savings Behavior of Asian and Latino Foreign-Born Parents in the United States

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  • Molly Dondero

    (American University)

  • Melissa Humphries

    (Texas Higher Education Coordinating Board)

Abstract

Rapid growth in the population of children of immigrants has occurred during an era of soaring college costs in the United States. Despite well-established knowledge that immigrant parents hold high educational expectations for their children and that children of immigrants will make up a large share of the U.S. college-aged population, little is known about how immigrant families prepare financially for their children’s postsecondary education. We use data from the Education Longitudinal Study of 2002 to examine the patterns and predictors of college savings behavior among Asian and Latino foreign-born parents of high school students in the United States. Relative to white U.S.-born parents, Asian immigrant parents have higher odds of saving and have more money saved for their 10th-grader’s college education. In contrast, Latino immigrant parents are less likely than white U.S.-born parents to save for their children’s college education. However, among parents who save, Latino immigrant parents do not differ from white U.S.-born parents in the amount saved. For both Asian and Latino immigrant parents, income is less predictive of saving than it is for white U.S.-born parents, and the odds of saving increase with U.S. experience. Findings improve understanding of college access and the long-term socioeconomic prospects of children of immigrants in the U.S.

Suggested Citation

  • Molly Dondero & Melissa Humphries, 2016. "Planning for the American Dream: The College-Savings Behavior of Asian and Latino Foreign-Born Parents in the United States," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 35(6), pages 791-823, December.
    • Handle: RePEc:kap:poprpr:v:35:y:2016:i:6:d:10.1007_s11113-016-9409-x
    DOI: 10.1007/s11113-016-9409-x
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    References listed on IDEAS

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    1. Suet‐ling Pong & Lingxin Hao & Erica Gardner, 2005. "The Roles of Parenting Styles and Social Capital in the School Performance of Immigrant Asian and Hispanic Adolescents," Social Science Quarterly, Southwestern Social Science Association, vol. 86(4), pages 928-950, December.
    2. Krista Perreira & Lisa Spees, 2015. "Foiled Aspirations: The Influence of Unauthorized Status on the Educational Expectations of Latino Immigrant Youth," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 34(5), pages 641-664, October.
    3. Robin G. Newberger & Anna L. Paulson & Audrey Singer & Jeremy Smith, 2006. "Financial access for immigrants: lessons from diverse perspectives," Monograph, Federal Reserve Bank of Chicago, number 2006faflfd.
    4. Elizabeth Raleigh & Grace Kao, 2010. "Do Immigrant Minority Parents Have More Consistent College Aspirations for Their Children?," Social Science Quarterly, Southwestern Social Science Association, vol. 91(4), pages 1083-1102, December.
    5. Anna Paulson & Sherrie Rhine, 2008. "The Financial Assimilation of an Immigrant Group: Evidence on the Use of Checking and Savings Accounts and Currency Exchanges," Journal of Family and Economic Issues, Springer, vol. 29(2), pages 264-278, June.
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    Cited by:

    1. Lisa A Keister & Brian Aronson, 2017. "Immigrants in the one percent: The national origin of top wealth owners," PLOS ONE, Public Library of Science, vol. 12(2), pages 1-24, February.
    2. Congrong Ouyang & Sherman D. Hanna & Kyoung Tae Kim, 2019. "Are Asian Households in the U.S. More Likely than Other Households to Help Children with College Costs?," Journal of Family and Economic Issues, Springer, vol. 40(3), pages 540-552, September.

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