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Financial Capability and Asset DevelopmentResearch, Education, Policy, and Practice$
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Julie Birkenmaier, Jami Curley, and Margaret Sherraden

Print publication date: 2013

Print ISBN-13: 9780199755950

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199755950.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 12 April 2021

Low-Income Parents of Preschool Children

Low-Income Parents of Preschool Children

Financial Knowledge, Attitudes, Behaviors, and Ownership

(p.108) 5Low-Income Parents of Preschool Children
Financial Capability and Asset Development

Deborah D. Adams

Sondra G. Beverly

Oxford University Press

This chapter presents a financial profile of low-income parents who have pre-school children. The families who participated in the study were facing a number of significant economic barriers at the beginning of a four-year college savings program designed to build assets for children. Earlier studies of the program have noted that while very few parents took advantage of financial education opportunities, more than half of the families who had the opportunity to open college savings accounts for their pre-school children did so and about one-third of the parents made deposits from personal resources into those accounts. Do these findings suggest that parents did not need financial education in the context of a progressive asset-building program for their children? It is not thought that the evidence supports this interpretation. As this chapter's analyses of pre-intervention data presented here demonstrate, there were many low-income families in this study who may well have benefitted from parental financial education. Further, the findings suggest the importance of real access to financial products that are appropriately structured and incentivized so that they are truly inclusive of low-income parents of young children.

Keywords:   child development accounts, assets, financial education, low-income families, college savings

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