The evidence for the link between ones personal financial circumstances and their children's educational attainment is very strong and if anything is demonstrating a greater link than perhaps when I was growing up. There are numerous studies
http://repec.ioe.ac.uk/REPEc/pdf/qsswp1503.pdf
"We find a J shaped relationship between parental income and sons’ earnings, with parental income a particularly strong predictor of labour market success for those at the bottom, and to a greater extent, the top of the earnings distribution. We explore the potential role of early skills, education and early labour market attachment in this process. Worryingly, we find that education is not as meritocratic as we might hope, with the role of parental income dominating that of education at the top of the distribution of earnings"
http://www.ons.gov.uk/ons/rel/house...he-uk---eu/2014/sty-causes-of-poverty-uk.html
"
How childhood factors affect educational attainment, income poverty and material deprivation
New analysis from ONS examines the extent to which the circumstances children grow up in affect their future life chances, using data for both the UK and other EU countries. In recent years there has been considerable research into the degree to which children born into poor families grow up to become poor adults. The findings have shown that the UK has a low level of earnings mobility across the generations,
meaning that there is a strong relationship between the economic position of parents and that of their children. This analysis aims to help inform policy by showing the childhood factors that impact most on the intergenerational transmission of poverty and disadvantage."
http://www.literacytrust.org.uk/assets/0001/7863/Lost_for_Words_-_child_poverty_policy_paper.pdf
Publication from Parliament - House of Commons Education Committee - go to page 20
http://www.publications.parliament.uk/pa/cm201415/cmselect/cmeduc/142/142.pdf