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ERIC Number: EJ1383276
Record Type: Journal
Publication Date: 2023
Pages: 16
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-1052-3073
EISSN: EISSN-1947-7910
Financial Advice Use and Saving for Children's College Education: A Propensity Score Matching Approach
Korankye, Thomas; Pearson, Blain; Salehi, Hossein
Journal of Financial Counseling and Planning, v34 n1 p96-111 2023
This study examines the effects of financial advice on college-saving decisions using data sets from the 2009 and 2012 U.S. National Financial Capability Study. After controlling for self-selection bias through propensity score matching, the findings show that receiving financial advice is associated positively with the likelihood of saving for children's college education. Other findings reveal that seeking specific types of financial advice relating to savings/investment, insurance, and tax planning is positively associated with a household's decision to allocate money for their children's postsecondary education. The ensuing discussion highlights that policies incentivizing households to seek financial advice could promote college savings and contribute to reduction in student loan dependence.
Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: https://connect.springerpub.com/content/sgrjfcp
Publication Type: Journal Articles; Reports - Research
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A