Lee, Hanna & Siregar, 1997

Lee, S., Hanna, S. & Siregar, M. (1997). Children’s college as a saving goal, Financial Counseling and Planning, 8(1), 33-36.


Children’s College As A Saving Goal

Seonglim Lee,(1) Sherman Hanna(2) and Mulya Siregar(3)

This study investigates determinants of having saving for children’s education as a goal. Based on
1992 Survey of Consumer Finance data, 28% of the households with children under 18 have saving for
children’s education as a goal. More educated parents are more likely to have college saving as a goal
than otherwise similar less educated parents. Asian and Hispanic parents were more likely to have
college saving as a goal than similar White non-Hispanic parents. Parents with a retirement account were more likely to have college saving as a goal, but no other financial variables were significant.

Key Words: College saving, Saving, Financial planning, Survey of Consumer Finances


1. Seonglim Lee, Ph.D. Candidate, Consumer Sciences Department, 1787 Neil Ave., Columbus, OH 43210. E-mail: lee.965@osu.edu

2. Sherman Hanna, Professor, Consumer Sciences Department, The Ohio State University, 1787 Neil Ave., Columbus, OH 43210-1295.
Phone: (614) 292-4584. FAX: (614) 292-7536. E-mail: hanna.1@osu.edu

3. Mulya Siregar, Ph.D. Candidate, Consumer Sciences Department, 1787 Neil Ave., Columbus, OH 43210.


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