Matched Savings Account Program Participation and Goal Completion for Low-Income Participants: Does Financial Credit Matter?

REFERENCES

• Beverly, S., & Sherraden, M. (1999). Institutional determinants of saving: Implications for low-income households and public policy. Journal of Socio-Economics, 28, 457–473.
   Google Scholar
• Beverly, S.G., Sherraden, M., Zhan, M., Williams Shanks, T.R., Nam, Y., & Cramer, R. (2008). Determinants of asset building. St. Louis MO: New American Foundation.
   Google Scholar
• Birkenmaier, J., & Curley, J. (2009). Financial credit: Social work's role in empowering low-income families. Journal of Community Practice, 17, 251–268.
   Google Scholar
• Birkenmaier, J., Curley, J., & Kelly, P. (2011). The financial credit profile of low-income families seeking assets. The Journal of Financial Therapy, 2, 68–85.
   Google Scholar
• Birkenmaier, J., Curley, J., & Kelley, P. (2012). Credit building in IDA programs: Early findings of a longitudinal study. Research on Social Work Practice, 22, 605–614. doi:10.1177/1049731512453208
   Web of Science ®Google Scholar
• Boshara, R. (2009, Spring). Combating poverty by building assets: Lessons from around the world. Pathways Magazine. . http://gap.newamerica.net/publications/articles/2009/combating_poverty_building_assets_14719
   Google Scholar
• Campbell, D., & Stanley, J. (1963). Experimental and quasi-experimental designs for research. Chicago, IL: Rand-McNally.
   Google Scholar
• Carpender, E. (2008). Major findings from IDA research in the United States. St. Louis MO: Center for Social Development, Washington University in St. Louis. . Retrieved from http://www.usc.edu/dept/chepa/IDA/pays/publications/109.pdf
   Google Scholar
• Corporation for Enterprise Development (CFED). (2011). 2010–2011 IDA program survey. Washington DC: Author.
   Google Scholar
• Choi, J.J., Laibson, D., & Madrian, B.C. (2004). Plan design and 401(k) savings outcomes. Washington DC: National Bureau of Economic Research.
   Google Scholar
• Clark, R.L., Maki, J., Sandler, M., & Morrill, S. (2012, November). Can simple informational nudges increase employee participation in a 401(k) plan? . Paper presented at the Association for Public Policy Analysis and Management, Baltimore, MD.
   Google Scholar
• Collins, J.M., & O’Rourke, C.M. (2010). Financial education and counseling—still holding promise. Journal of Consumer Affairs, 44, 483–498. doi:10.1111/j.1745-6606.2010.01179.x
   Web of Science ®Google Scholar
• Collins, J.M., & O'Rourke, C. (2011). Homeownership education and counseling: Do we know what works? (Special Report). Washington, DC: Research Institute for Housing America.
   Google Scholar
• Cook, T.D., & Campbell, D.T. (1979). Quasi-experimentation: Design and analysis issues for field settings. Boston, MA: Houghton Mifflin.
   Google Scholar
• Copeland, C. (2002). IRA assets and characteristics of IRA owners. . (EBRI Notes, Vol. 23). Washington DC: Employee Benefit Research Institute.
   Google Scholar
• Duflo, E., Gale, W., Liebman, J., Orszag, P., & Saez, E. (2006). Saving incentives for low- and middle-income families: Evidence from a field experiment with H&R Block. The Quarterly Journal of Economics, 121, 1311–1346. doi:10.1093/qje/121.4.1311
   Web of Science ®Google Scholar
• Grinstein-Weiss, M.L., Chowa, G.A. N., & Casalotti, A.M. (2010). Individual development accounts for housing policy: Analysis of individual and program characteristics. Housing Studies, 25, 63–82.
   Web of Science ®Google Scholar
• Grinstein-Weiss, M., Lee, J.-S., Greeson, J.K. P., Han, C.-K., Yeo, Y.H., & Irish, K. (2008). Fostering low-income homeownership through individual development accounts: A longitudinal, randomized experiment. Housing Policy Debate, 19, 711–739. doi:10.1080/10511482.2008.9521653
   Web of Science ®Google Scholar
• Grinstein-Weiss, M., Yeo, Y.H., Despard, M.R., Casalotti, A.M., & Zahn, M. (2010). Does prior banking experience matter? Differences of the banked and unbanked individual development accounts. Journal of Family & Economic Issues, 31, 212–227.
   Google Scholar
• Hastings, J.S., Madrian, B.C., & Skimmyhorn, W.L. (2012). Financial literacy, financial education and economic outcomes. Cambridge, MA: National Bureau of Economic Research.
   Google Scholar
• Hayes, D., Ali, T., & Hall, T. (2012). Banks follow the money and exit lower-income areas. Charlottesville, VA: SNL Financial LC.
   Google Scholar
• Huang, J., Beverly, S., Clancy, M., Lassar, T., & Sherraden, M. (2011). Early program enrollment in a statewide Child Development Account program . (Working Paper). St. Louis, MO: Washington University, Center for Social Development.
   Google Scholar
• Leckie, N., Shek-Wai Hui, T., Tattrie, D., Robson, J., & Voyer, J.P. (2010). Learning to save, saving to learn: LearnSave Individual Development Accounts Project. Ottawa, ON, Canada: Social Research and Demonstration Corporation.
   Google Scholar
• Loibl, C., Grinstein-Weiss, M., Zhan, M., & Red Bird, B. (2010). More than a penny saved: Long-term changes in behavior among savings program participants. The Journal of Consumer Affairs, 44, 98–126.
   Web of Science ®Google Scholar
• Loibl, C., & Red Bird, B. (2009). Survey of former IDA program participants: How do they fare? Journal of Extension, 47(6), 1–12.
   Google Scholar
• Loonin, D. (2010). Guide to surviving debt. Washington DC: The National Consumer Law Center.
   Google Scholar
• Madrian, B.C. (2012). Matching contributions and savings outcomes: A behavioral economics perspective. Washington DC: National Bureau of Economic Research.
   Google Scholar
• Maital, S., & Maital, S.L. (1994). Is the future what it used to be? A behavioral theory of the decline of saving in the West. Journal of Socio-Economics, 23, 1–32.
   Google Scholar
• Manturuk, K., Dorrance, J., & Riley, S. (2012). Factors affecting completion of a matched savings program: Impacts of time preference, discount rate, and financial hardship. The Journal of Socio-Economics, 41, 836–842.
   Google Scholar
• McKernan, S.M., Rademacher, I., Ratcliffe, C., Wiedrich, K., & Gallagher, M. (2011). Weathering the storm: How have IDA homebuyers fared in the foreclosure crisis? Housing Policy Debate, 21, 605–625.
   Web of Science ®Google Scholar
• Mills, G., Gale, W., Patterson, R., & Apostolov, E. (2006). What do individual development accounts do? Evidence from a controlled experiment. Cambridge, MA: National Bureau of Economic Research.
   Google Scholar
• Mills, G., Lam, K., DeMarco, D., Rodger, C., & Kaul, B. (2008). Impact study: Final report of the Assets for Independence Act evaluation. Cambridge, MA: Abt Associates.
   Google Scholar
• Munnell, A.H., Sunden, A., & Taylor, C. (2001). What determines 401(k) participation and contributions? Social Security Bulletin, 64, 6475.
   PubMedGoogle Scholar
• Nam, Y., & Huang, J. (2009). Equal opportunity for all? Parental economic resources and children's educational attainment. Children and Youth Services Review, 31, 625–634.
   Web of Science ®Google Scholar
• Okech, D. (2008). Individual characteristics and social services associated with asset building in a children's college savings account program for low-income families. (Doctoral dissertation). Retrieved from Pro Quest Dissertations and Theses Database. (UMI 3336867).
   Google Scholar
• Okech, D. (2011). Enrollment decisions in a Child Development Accounts program for low-income families. Journal of Family and Economic Issues, 32, 400–410. doi:10.1007/s10834-010-9234-z
   Google Scholar
• Pinder, J., Yagely, J., Peck, S., & Moore, C. (2006). Designing and implementing rural Individual Development Account programs. Washington, DC: Housing Assistance Council.
   Google Scholar
• Rohe, W.M., Gorham, L.S., & Quercia, R.G. (2005). Individual development accounts: Participants’ characteristics and success. Journal of Urban Affairs, 27, 503–520.
   Web of Science ®Google Scholar
• Rothwell, D., & Han, C.K. (2009). Assets as a resource variable in the stress management of low-income families. St Louis, MO: Center for Social Development.
   Google Scholar
• Rothwell, D.W., & Han, C.K. (2010). Second thoughts: Who almost participates in an IDA program? Journal of Social Service Research, 36, 107–117.
   Web of Science ®Google Scholar
• Schreiner, M., & Sherraden, M. (2005). Drop-out from individual development accounts: Prediction and prevention. Financial Services Review, 14, 37–54.
   Google Scholar
• Schreiner, M., & Sherraden, M. (2007). Can the poor save? Saving and asset building in individual development accounts. New Brunswick, NJ: Transaction.
   Google Scholar
• Sherraden, M., & Boshara, R. (2008). Learning from individual development accounts. In A. Lusardi (Ed.), Overcoming the savings slump (pp. 280–297). Chicago, IL: University of Chicago Press.
   Google Scholar
• Sherraden, M.S., McBride, A.M., & Beverly, S.G. (2010). Striving to save: Creating policies for financial security of low-income families. Ann Arbor: University of Michigan Press.
   Google Scholar
• Sherraden, M.S., McBride, A.M., Hanson, S., & Johnson, L. (2005). Short-term and long-term saving in low income households: Evidence from individual development accounts. Journal of Income Distribution, 13(3/4), 76–97.
   Google Scholar
• Sherraden, M., Schreiner, M., & Beverly, S. (2003). Income, institutions, and saving performance in individual development accounts. Economic Development Quarterly, 17, 95–112.
   Web of Science ®Google Scholar
• Springstead, G.R., & Wilson, T.M. (2000). Participation in voluntary individual savings accounts: An analysis of IRAs, 401(k)s, and the TSP. Social Security Bulletin, 63, 34–39.
   Google Scholar
• Thaler, R.H., & Benartzi, S. (2004). Save More Tomorrow™: Using behavioral economics to increase employee saving. Journal of Political Economy, 112(Suppl. 1), S164–S187.
   Google Scholar
• U.S. Department of Health and Human Services. (2010). Assets for Independence Program: Status at conclusion of the tenth year. Washington, DC: Author.
   Google Scholar
• Zhan, M., Anderson, S.G., & Scott, J. (2006). Financial knowledge of the low-income population: Effects of a financial education program. Journal of Sociology and Social Welfare, 33(1), 53–74.
   Google Scholar