Publication Date



This study extends previous analyses in several ways. First, in addition to parental wealth, the relationship between children’s wealth and math and reading scores are examined. Second, we examine different mediating pathways that wealth may affect children’s math and reading scores in a single path analysis model. The advantage of path analysis over traditional regression analyses, which are typically used in this area, is that researchers can get a glimpse of relationships among variables. While the focus of regression analysis is on the associations of predictors with outcome variables, path analysis provides a larger picture of the overall structure of relationships among variables in predicting the outcome variable. Furthermore, mediation can be tested more easily and extensively in path analysis compared to regression. Third, we examine whether different forms of wealth (net worth, homeownership, and children’s savings for school) have different effects. Forth, we examine whether wealth (parental and/or children’s) effects vary across racial groups.

Document Type

Working Paper


Financial Inclusion


Asset Building


Subsequent publication: Elliott, W., III, Kim, K., Jung, H., & Zhan, M. (2010). Asset holding and educational attainment among African American youth. Children & Youth Services Review, 32(11), 1497–1507. doi:10.1016/j.childyouth.2010.03.019

Original Citation

Elliott, W., III, Kim, K., Jung, H., & Zhan, M. (2009). The human capital agenda: Asset holding and educational attainment among African American youth (CSD Working PaperNo. 09-46). St. Louis, MO: Washington University, Center for Social Development.


academic achievement, academic expectation, CDA Symposium, African American, race, child savings, child development account, child savings account, college savings