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"Individual development accounts."
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Striving to save
In Striving to Save, Margaret Sherrard Sherraden and Amanda Moore McBride examine savings in eighty-four working families with low incomes, including fifty-nine families who participated in a groundbreaking program of matched savings and financial education. In-depth interviews with these families, along with savings and survey data, shed light on saving in low-income households. The book concludes with recommended public policy approaches for increasing savings in households that are striving to save.
eBook
Effect of Individual Development Accounts on Savings of Low-Income Families:: Evidence from South Korea
Individual development accounts (IDAs) have gained increasing attention as a promising tool for promoting asset building and financial inclusion among low-income families. This study investigates the impact of IDA programs on savings behavior in South Korea using a longitudinal analysis. The study employs propensity score matching (PSM) and difference-in-differences (DID) estimation to examine the causal effect of IDA program participation on savings over a three-year period. Additionally, double difference-in-differences (DDD) analysis is employed to assess the differential effects based on various demographic variables. The results reveal that participants in the IDA program experienced a significant short-term increase in savings during the early stages of the program. However, this positive effect faded over time, indicating a need for improvements in program design and implementation. Furthermore, the study also finds that the impact of IDAs did not differ significantly based on gender, marital status, or the presence of children. However, education level was found to have a systematic influence, as reflected by participants with higher education levels showing greater increases in savings. The study highlights the necessity of adopting a comprehensive approach to participant selection, encompassing those with both strong and weak saving behaviors. It also underscores the potential benefits of incentivizing voluntary saving alongside the IDA program. Furthermore, this research makes suggestions to improve the effectiveness of IDA programs in promoting financial inclusion and asset building among vulnerable populations.
Journal Article
Growing Financial Assets for Foster Youths: Expanded Child Welfare Responsibilities, Policy Conflict, and Caseworker Role Tension
The study reported in this article explores the role child welfare workers play in elevating the financial capability (FC) of foster youths transitioning to adulthood. It draws on an examination of Opportunity Passport, a component of the Jim Casey Youth Opportunities Initiative, which operates across the United States. The authors held in-depth, structured interviews with eight staff and 38 current and former foster youths age 18 years and older in four sites across three states. Findings indicate that (a) program participants require professional financial assistance that is beyond the role of the traditional child welfare caseworker; (b) caseworkers who address FC in young adults face uncertainty in their roles; and (c) broader policies relevant to young adults transitioning to adulthood exhibit tension, if not conflict, regarding enhancing FC. The authors highlight the importance of expanding the role of caseworkers to incorporate elements of FC in serving the needs of foster youths.
Journal Article
Participatory Assessment of a Matched Savings Program for Human Trafficking Survivors and their Family Members in the Philippines
Überlebende von Menschenhandel erfahren oftmals massive finanzielle Einbußen, verbunden mit Schwierigkeiten, ihre Familien zu unterhalten, sich wieder Arbeit zu beschaffen und Verschuldung. Unterstützungsprogramme für diese Gruppe, die der Reintegration dienen und die finanzielle Vulnerabilität adressieren, wurden bisher kaum evaluiert. In diesem Beitrag berichten wir Ergebnisse aus einem partizipativen Assessment im Rahmen des BARUG-Programms, eines abgestimmten philippinischen Schutzprogramms für Überlebende von Menschenhandel und deren Familien. Photovoice wurde eingesetzt, um die Erfahrungen zweier Kohorten von BARUG-Teilnehmer/innen nachvollziehen zu können. Die Teilnehmenden erarbeiteten gemeinsam mit Mitgliedern des Forschungsteams thematische Analysen der Transkripte aus diesen Photovoice-Sessions. Die so rekonstruierten Themen umfassten u.a. den positiven emotionalen Impact finanzieller Sicherheit, die Bewältigung der Herausforderungen der Rettung, das Erlernen finanzieller Skills für tägliche Entscheidungsprozesse, den Erwerb einer zukunftsorientierten Haltung, den Wunsch nach Anleitung und Aufklärung sowie Lern- und Veränderungsprozesse. Die Ergebnisse unterstreichen die Wichtigkeit von Interventionen, die Betroffenen und deren Familien helfen, aus der Verschuldung herauszukommen und zugleich emotionale Unterstützung für Überlebende bieten, denfamiliären finanziellen Druck zu bewältigen. Die Studie veranschaulicht auch den Nutzen partizipativer Forschungsmethoden, um das Erleben dieser spezifischen Gruppe angemessen verstehen zu können.URN: http://nbn-resolving.de/urn:nbn:de:0114-fqs1702116
Journal Article
Poverty Among Adults with Disabilities: Barriers to Promoting Asset Accumulation in Individual Development Accounts
Adults with disabilities disproportionally experience poverty. We examine one novel strategy to promote economic well-being among adults with disabilities living in or near poverty, namely Individual Development Accounts (IDAs). IDAs are designed to help individuals save money and subsequently accumulate assets. Although adults with disabilities account for the majority of IDA participants, scant attention has been paid to their IDA saving performance. We describe the significance of accumulating assets, particularly as it relates to adults with disabilities. We then map the nature of IDA programs and analyze barriers to participation in IDAs and asset accumulation related to conflicting federal policies and a lack of sensitivity to disability-specific needs. We conclude by offering policy recommendations from our analysis, including the need to eliminate the means-tests used in welfare policies, de-linking participation in IDAs from employment status, and involving people with disabilities in designing and evaluating asset accumulation policies and programs.
Journal Article
Attitudes and Saving in Individual Development Accounts: Latent Class Analysis
This exploratory study focuses on classifying attitudes toward institutional features of Individual Development Accounts (IDAs). The study also examines the extent to which attitudes change and how they are associated with saving in IDAs. While attitudes toward IDAs were generally positive, latent class analysis (LCA) found three groups at Wave 3:
highly
positive
,
moderately positive
, and
mixed opinion
. The study found dynamic changes in attitudes at 18 months and 48 months after the baseline interview. While 63% of participants showed no changes in attitudes, 22% changed their attitudes negatively and 15% positively. Participants with highly positive attitudes at both 18 months and 48 months had significantly more savings than participants without highly positive attitudes, suggesting that attitudes may influence saving outcomes in IDAs.
Journal Article
Individual Development Accounts and Homeownership among Low-income Adults with Disabilities: Evidence from a Randomized Experiment
We examined the long-term effects of Individual Development Accounts (IDAs), savings accounts that match funds deposited by participants for qualified purposes, on homeownership rates among study participants with disabilities in a randomized experiment. Results from a 10-year follow-up of the IDAs indicate that rates of homeownership were nearly 10 percentage points higher for treatment participants with disabilities than for control-group members with disabilities (p < .10). The impacts of IDAs seem to vary with the baseline socioeconomic characteristics of participants—particularly with homeownership, bank account ownership, and public housing assistance. W e conclude by discussing policy implications of using asset-building programs to support people with disabilities.
Journal Article
Saving Performance in Individual Development Accounts: Does Marital Status Matter?
Research indicates that marriage has a large effect on reducing the risk of poverty and is associated with a higher probability of attaining affluence over the life course when compared with nonmarriage. Using data from the American Dream Demonstration (N = 2,364), this study compares savings performances of married and unmarried low-income participants in a matched savings program--Individual Development Accounts. The results indicate that both married and unmarried low-income participants can save in Individual Development Accounts. After controlling for program and other participant characteristics, there were no significant differences in savings between married and unmarried participants. We further examined possible factors that are associated with Individual Development Account savings performance for these two groups.
Journal Article
The Effectiveness of Financial Literacy Instruction: The Role of Individual Development Accounts Participation and the Intensity of Instruction
We examine improvements in financial knowledge for 8th-grade participants in our financial fitness camp, part of our multifaceted financial literacy program. Eighty-three students enrolled in the camp, and 59 had individual development accounts (IDA). We address several issues raised in the literature by focusing on low-income, predominantly Hispanic students, varying the treatment intensity, comparing outcomes for students in our IDA program with those who are not, addressing the potential endogeneity of IDA participation, and testing for selection bias. Financial knowledge increased by approximately 12 percentage points from camp participation. Standardized Language Arts scores, rather than treatment intensity or IDA participation, most affected gains in financial knowledge. There was no evidence of selection bias. Parents with high \"present bias\" were less likely to enroll their students in the camp, implying that integrating financial literacy education in the regular school curriculum will better serve students in such families.
Journal Article