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This study explored the relationship between parents’ values and educational aspirations (AS) toward higher education for their child, with their children values and AS, using expectancy-value theory framework. Nighty-two dyads (N = 184) of parents and high school children independently completed self-report surveys. Path analysis using structural equation modeling (SEM) revealed that parents’ intrinsic value was positively associated with children’s intrinsic and utility values, but negatively associated with cost value. Parents’ AS were positively affected by utility value and negatively by cost value, while children’s AS were positively affected by intrinsic value. This supports the notion that parents’ attitudes are related with children’s perceptions of higher education, and that values can have different effects on AS for parents and adolescents.