This paper studies the relationship between parents’ higher educational expectations and the academic performance of young children in middle school and primary school on the basis of data from the CFPS2020. Multiple regression analysis and intermediary utility analysis revealed that parents’ educational expectations and educational savings positively affect children’s academic performance and that age negatively affects children’s academic performance. There is some intermediary effect between family education savings and parents’ education expectations and children’s academic performance, but the proportion of indirect utility in the total utility is lower. Therefore, countermeasures should appropriately increase investment in children’s future education savings to avoid the negative impact of parents’ excessive expectations and less material support of children’s academic performance and pay attention to avoiding the extreme tendency toward excessive investment in education savings.