William Elliott, Sondra Beverly
Although access to college in America is widely believed to be based on merit, soaring costs have made college an elusive goal for many. This research by the Center for Social Development investigates the effects of saving and wealth on college attendance of youth who expect to attend college. This study finds that among youth who expect to attend college, youth with no account in their own name are less likely to attend than any other group examined. In multivariate analysis, youth who expect to graduate from a four-year college and have an account are approximately seven times more likely to attend college than youth who have no account. Youth who expect to graduate from a four-year college and have designated a portion of their savings for college are approximately four times more likely to attend college than youth who have no account. Additionally, when savings is taken into account, academic achievement is no longer a significant predictor of college attendance. Policy implications are discussed.
View the working paper here.
View the research brief here.
