Do wealthy kids whose parents pay for their college have an advantage?
Most people would think so, but if Mommy and Daddy pay for everything… it might just be a disadvantage.
American Sociological review just published a study revealing “the more money parents provide for higher education, the lower the grades their children earn.” The students shown “least likely to excel” were the ones who were given essentially a “blank check” for college.
I think this stretches further than the wealthy. I say this, because sadly, I think I’m one of those statistics.My parents made a huge effort to make sure my brother and I could both attend college. My parents weren’t wealthy by any means- a pastor and a school teacher, but they saved since we were babies and covered our room, board, and tuition for all four years. Both my brother and I would quickly admit that we took advantage of their generosity.
Did my parents do anything wrong? I would never jump to that conclusion. Fact is, their sons were probably just turds!!! But the above study does stimulate thinking. It’s hard to argue with its conclusion: “Across all types of four year institutions- the greater parental contributions were, the lower the student grades were.”
Perhaps incentives might be better. “You save for college, and I’ll match everything you save, dollar for dollar.”
What about you? What’s your plan for helping your kids with college?