It has been widely acknowledged that high socioeconomic status provides better living conditions and vice versa. This study examines the impact of parents’ income and educational attainment on their children’s years of schooling in Ghana by utilizing the Ghana Living Standards Survey 2012/2013 which provides detailed information on respondents at the household level. Pearson correlation analysis showed a positive association between parental income, father’s and mother’s educational attainment with the child’s years of schooling. The positive correlation was further confirmed through multiple regression analysis which revealed a significant relationship between parental educational level and child’s years of schooling. It was observed that father’s educational attainment is a stronger predictor of a child’s years of schooling at the basic level compared to mothers. At the secondary and higher educational levels, both parents’ educational attainments are significant with father’s being the stronger predictor of male child years of schooling and mother’s for females. The resources of parents also influence the years of schooling of the children. Household size and place of residence were also shown to have significant influences on years of schooling. Larger household size meant shorter years of schooling for the child and smaller household size meant longer years of schooling, all things being equal. Children living in the rural areas have less years of schooling compared to children residing in urban areas. We conclude that parents’ educational and income levels are factors that determine the unequal opportunities among children as these resources are transferred from parents to children.