“…For instance, adolescents from lower‐income families who strongly believe in economic mobility have higher academic self‐esteem, are more likely to persist in school, set higher educational aspirations for themselves, and achieve higher GPAs than their peers (Browman et al., 2017, 2019; Mugabe et al., 2016). More generally, the belief in economic mobility is associated with higher goal persistence (Bernardo et al., 2018), higher involvement in one's children's education (Zhang et al., 2020), and higher academic expectations from them (Ng et al., 2017). In contrast, weaker beliefs in mobility are associated with a low sense of personal control (Yoon & Kim, 2018), impulsive financial behavior (Kim & Jang, 2020; Szendrey & Fiala, 2018; Tabri et al., 2015; Yoon & Kim, 2016), increased risk‐taking (Weintraub et al., 2015), and diminished well‐being (Huang et al, 2017; Li et al., 2019).…”