Parental Expectations and Educational Outcomes for Young African American Adults: Do Household Assets Matter?
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African American children are more likely to be poor and live in households that are “asset poor,” with no or very little net worth. Using the Panel Study of Income Dynamics and its Child Development Supplement, this article explores whether living in a household with net worth above the sample median seems to promote educational success and the development of human capital over time, irrespective of income. Controlling for parental income and education, as well as gender, household wealth in the form of net worth was the best predictor of parental expectations, high school completion, and college enrollment for young African American adults. A brief discussion of possible asset-building policy options follows.
KeywordsAssets Wealth African Americans Young adults Poverty Educational attainment Parental expectations Panel Study of Income Dynamics PSID Child Development Supplement
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