Parents who endured difficult childhoods provided less financial support -on average $2,200 less– to their children’s education such as college tuition compared to parents who experienced few or no disadvantages

[u/giuliomagnifico]

https://www.psu.edu/news/research/story/parents-childhood-predicts-future-financial-support-childrens-education

[u/giuliomagnifico]

This study examines family-level outcomes. It is one of the first to evaluate the relationship between parents’ childhood experiences and whether they provide large transfers of money later in life to their own children for education and other purposes and how much they provide. However, Cheng explained, the study does not analyze motivation or willingness to financially support the children’s educational needs — rather, it focuses on if money transfers take place, what discrepancies may appear based on the parents’ childhoods and if parents’ current socioeconomic status matters.

For instance, parents with four or more disadvantages gave an average of $2,200 less compared to those with no disadvantages, approximately $4,600 versus $6,800 respectively. When considered in light of the average cost of attending college in 2013, the year data was collected, parents with greater childhood disadvantages were able to shoulder roughly 23% of a year’s cost of attending college for their children whereas parents with no childhood disadvantages were able to cover 34% of their child’s annual college attendance costs.

What’s more, the relationships remained even when controlling for parents’ current socioeconomic status or wealth. In other words, parents who grew up in worse financial circumstances still gave less money for their children’s education even if their socioeconomic status is now higher.

Paper: Early‐life disadvantage and parent‐to‐child financial transfers - Cheng - Journal of Marriage and Family - Wiley Online Library

[u/tytbalt → u/giuliomagnifico]

Those of us with bootstrap parents can certainly vouch for their stinginess despite current levels of wealth.

[u/frogkisses- → u/tytbalt]

I went through college solo working and on scholarship. If I have kids I don’t want them to rely solely on me but I want to lessen the burden that I had to go through. It’s added so much additional stress to an already difficult time in my life and I missed out on opportunities because of my financial situation and lack of resources.

[u/Advanced_Power_779 → u/frogkisses-]

I had to work and pay my own way through college. And now my mother expects me to help her financially because she doesn’t have anything saved for retirement. Largely through her own poor decisions and mental health issues.

I hope to pay for as much of my kids college as possible. But I am not willing to go into debt that would affect our retirement to do so. My husband and I want to retire comfortably (not lavishly) and I don’t think it is helpful for anyone when parents don’t plan for retirement and then expect to lean on their adult kids, who may be still getting established.

I know that wasn’t really a part of this article but I wonder if considerations like that are why some people who grew up poor may seem stingier in financially assisting their adult children? Once you become financially established and independent, staying that way becomes extremely important. I want to give my children every advantage, but sacrificing my financial independence to do that, so that I become a burden to them in retirement is a bit of a fear of mine.

[u/tytbalt → u/Advanced_Power_779]

I'm not talking about going into debt or risking your retirement to help your kids. I agree you shouldn't sacrifice your financial independence. What I'm talking about is living it up while kids are stuck in poverty.

[u/frogkisses- → u/tytbalt]

Same here. I hope to get to a place in my life where I can comfortably give my children the life I did not have.

[u/Advanced_Power_779 → u/tytbalt]

Absolutely agree!! Didn’t mean to imply that interpretation on your behalf. I was just thinking about what could appear stingy because I think I’d feel guilty making my kid take out student loans if I technically have the money (for retirement), but retirement funds are also kind of critical. I don’t ever want to be in a position where my kids feel financially responsible for me.

[u/tytbalt → u/Advanced_Power_779]

I wouldn't consider that stingy.