Publication Date

7-1-2008

Summary

For many children, especially minority and low-income children, attending college is a genuinely desired but elusive goal. Research on aspirations and expectations provides a way to understand the gap between what children desire and what they actually expect to happen. This study examines the potential role of children’s college accounts (CCAs) as a way to reduce the gap between aspirations and expectations among at-risk children. I find that only 39 percent of children without savings for college expect to attend college; there is an aspirations/expectations gap of 41 percentage points among children with CCAs. Moreover, children with a CCA are five percent more likely to expect to attend college than children without a CCA. It appears that when the financing of college is perceived to be under the child’s control, college attendance becomes a more plausible reality. Children with CCAs are not only more likely to attend college; they also perform better in school.

Document Type

Working Paper

Category

Financial Inclusion

Subarea

Financial Capability

Notes

Subsequent publication: Elliott, W. (2009). Children's college aspirations and expectations: The potential role of Children's Development Accounts (CDAs). Children & Youth Services Review, 31(2), 274–283. doi:10.1016/j.childyouth.2008.07.020

Original Citation

Elliott, W., III. (2008). At-risk children's college aspirations and expectations: The potential of college savings accounts (CSD Working Paper No. 08-17). St. Louis, MO: Washington University, Center for Social Development.

DOI:

https://doi.org/10.7936/K76M369Z

Project

I Can Save

Keywords

CDA, child development account, college savings plan, college expectations, academic expectation, low income

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