Socioeconomic differences in parental financial support, coresidence, and advice: A portrait of undergraduate students in the Canadian Prairies

Abstract

AbstractIn this paper, we examine the intersections of parental support and family socioeconomic background within an undergraduate sample (N= 596) in a mid‐sized Canadian Prairie city. Coresidence, financial support, and parental and professional financial advice are examined as types of ‘family capital’ that may be distributed unequally across socioeconomic groups. In keeping with previous literature, findings showed that students whose parents had university education and higher incomes received more robust coverage of their housing and school expenses. Students whose parents were university‐educated were also more likely to be living with a parent, though no relationship was found between parental income and coresidence. Contrasting with previous literature, few relationships were found between socioeconomic background and receipt or influence of financial advice. These results contribute to the literature by generalising claims about family capital to a Canadian student sample, where relatively few studies have empirically examined intergenerational transfers as mechanisms for transmitting privilege during the transition to adulthood. With increasing demands for higher education and simultaneous declines in government subsidisation of its costs, disparate access to family capital is likely to intensify the reproduction of social inequality across generations.