OAKLAND (BCN) – Health, hope and financial well-being are the results of a recently announced study that is providing money to new Oakland families for their children’s future college education.
The study was conducted by researchers from the University of Chicago and UCSF Benioff Children’s Hospital Oakland, who partnered with Oakland Promise, a group that provides seed funding for Oakland students to attend post-secondary schools.
The randomized controlled study of 200 families found that just six months after receiving money from Oakland Promise’s Brilliant Baby program, parents expected their children to attend school longer, the family’s financial well-being improved, and parents less stressed and be more optimistic.
“That’s exactly what we like to see,” says Amanda Feinstein, director of the Brilliant Baby program.
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She noted that the results are leading indicators. A randomized control study compares the results of a study group that received money in this case with a control group that received no money for their child’s education.
The parents in the study received $ 500 in a college savings account to fund their child’s future post-secondary education.
The researchers found that parents who received the money expected their child to complete an average of one year more education than they did before they received the money.
Six months after receiving the money, parents expected their child to complete 16 instead of 15 years of education.
Parents who received money were more hopeful as measured by their sense of determination and planning to achieve their goals.
Compared to the control group, they were less stressed and felt more financially secure.
“Parents take this opportunity to support their aspirations for the future of their children,” Feinstein said in a statement.
Most of the families in the study were black, indigenous, or from another underrepresented group.
In Sacramento, the legislature and governor are proposing large investments in college savings accounts for young children.
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Governor Gavin Newsom is proposing $ 2 billion while lawmakers are proposing $ 1 billion.
Although the $ 500 given to families isn’t much, Feinstein claimed that families experience this “as a solid start.”
The money is expected to grow to around $ 1,500 by the time each child is ready for their post-secondary education.
Combined with $ 4,000 that the same families could later receive through Oakland Promise, Feinstein said the amount was “a clear part” of college expenses.
The money can be used to pay for housing, books, fees, or any college-related expenses, she said.
The children in the study were medically approved infants aged 2 to 9 months and enrollment ended just before the pandemic hit the United States
The study is only the second randomized controlled trial to examine the development and education of disadvantaged children after they created college savings accounts early in their lives, said Marc Hernandez, lead researcher at the University of Chicago.
It is the first study of college savings accounts in which most of the participants were families who were black, local, or from some other underrepresented group.
Copyright © 2021 Bay City News, Inc.
source https://collegeeducationnewsllc.com/study-families-healthier-more-hopeful-if-child-gets-money-for-college/
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