This paper analyses the role of fathers in child development using parental cognitive and non-cognitive variables rarely used in Family Economics. Using the Mexican Life Survey (MxFLS), the study explores traditional models of parental investment by analysing the influence of parental human capital on child cognitive development and health; and nontraditional models by studying the role of parental emotional status, stress, future valuation and risk aversion on the same outcomes. Results highlight a large and significant association between parental cognitive skills and child’s cognitive ability, having both parents similar influence. In contrast to previous empirical studies, maternal schooling is no longer the main mechanism through which mothers influence cognitive development; her cognitive ability has a larger and significant influence on child’s cognitive ability and educational expenditure. Using panel data methods, non-traditional models provide new evidence about the negative association between father’s depression and child cognitive development.