Financial Planning for College: What Parents Do To Prepare

This study explores reported parental financial college preparations and the amount parents have saved for college, with a goal of determining strategies used by different parents based on parental college aspirations and expectations for their child, as well as the highest reported parental and grandparental educational levels. Regression analysis indicates that parents' expectations, but not their aspirations, correspond to engagement in financial planning. Family education is strongly associated with taking some financial planning actions and the amount saved. The results may be helpful to those who are working to increase the effectiveness of disseminating college financial information to parents.