This paper draws on the concept of parental involvement, popular among educators and policy-makers, in investigating differences in level of attained education by family background. The question is if parental involvement in children's schooling at age 14 acts as a mediator between family resources and mid-life level of attained education. Using structural equation modeling we analyze longitudinal survey and register data of a Swedish metropolitan cohort born in 1953 (n = 3300). Several of the commonly used indicators of involvement are investigated, distinguishing between parents' involvement "beliefs", such as educational aspirations and agreement with school curriculum, and involvement "practices", such as reading children's schoolbooks and helping with homework. We find that parents' educational aspirations are an important mediator between family resources and attained level of education, while other involvement forms are related to academic performance only. We also find that parental involvement is greater in families with more resources, which leads us to warn against developments turning more responsibility for children's schooling over to parents. Unless sensitive to the diverse family contexts this might increase the importance of family resources for children's educational outcomes.