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Full-Text Articles in Social Work
Policy Recommendations For Financial Capability And Asset Building By Increasing Access To Safe, Affordable Credit, Julie Birkenmaier, Mathieu R. Despard, Terri Friedline
Policy Recommendations For Financial Capability And Asset Building By Increasing Access To Safe, Affordable Credit, Julie Birkenmaier, Mathieu R. Despard, Terri Friedline
Center for Social Development Research
Strong credit is a prerequisite for financial well-being, but many U.S. consumers lack access to safe and affordable credit options. This brief, released through the Grand Challenges for Social Work initiative’s network toBuild Financial Capability for All, identifies policies that would enable households to build and maintain credit and that would ensure access to credit products with adequate consumer protections.
Statewide Child Development Account Policies: Key Design Elements, Margaret M. Clancy, Sondra G. Beverly
Statewide Child Development Account Policies: Key Design Elements, Margaret M. Clancy, Sondra G. Beverly
Center for Social Development Research
Child Development Accounts (CDAs) aim to build assets for postsecondary education. Unlike many asset-building programs, CDAs were explicitly conceived to be universal (every child is included) and progressive (greater support for disadvantaged children). Four states have created statewide CDAs—Baby Scholars in Connecticut, the Harold Alfond College Challenge in Maine, College Kick Start in Nevada, and CollegeBoundbaby in Rhode Island. In this policy report, we describe these CDAs to provide perspective and inform new initiatives. We begin by identifying 10 key CDA policy design elements originally modeled by the CDA in the SEED for Oklahoma Kids experiment. By modeling key design …
International Child Development Accounts, Michael Sherraden, Li-Chen Cheng, Fred M. Ssewamala, Youngmi Kim, Vernon Loke, Li Zou, Gina Chowa, David Ansong, Lissa Johnson, Yung Soo Lee, Michal Grinstein-Weiss, Margaret M. Clancy, Jin Huang, Sondra G. Beverly, Yunju Nam, Chang-Keun Han
International Child Development Accounts, Michael Sherraden, Li-Chen Cheng, Fred M. Ssewamala, Youngmi Kim, Vernon Loke, Li Zou, Gina Chowa, David Ansong, Lissa Johnson, Yung Soo Lee, Michal Grinstein-Weiss, Margaret M. Clancy, Jin Huang, Sondra G. Beverly, Yunju Nam, Chang-Keun Han
Center for Social Development Research
This Working Paper has been submitted for inclusion in the new online edition of theEncyclopedia of Social Work, which is published by Oxford University Press. The paper discusses efforts to implement Child Development Accounts in the United States and numerous other countries. Child Development Accounts (CDAs) are subsidized savings or investment accounts to help people accumulate assets for developmental purposes and life course needs. They are envisioned as universal (everyone participates), progressive (greater subsidies for the poor), and potentially lifelong national policy. These features distinguish CDAs from most existing asset-building policies and programs around the world, which are typically regressive, …
Asset Building: Toward Inclusive Policy, Michael Sherraden, Lissa Johnson, Margaret Clancy, Sondra G. Beverly, Margaret S. Sherraden, Mark Schreiner, William Elliott Iii, Trina Shanks William, Deborah Adams, Jami C. Curley, Jin Huang, Michal Grinstein-Weiss, Yunju Nam, Min Zhan, Chang-Kuen Han
Asset Building: Toward Inclusive Policy, Michael Sherraden, Lissa Johnson, Margaret Clancy, Sondra G. Beverly, Margaret S. Sherraden, Mark Schreiner, William Elliott Iii, Trina Shanks William, Deborah Adams, Jami C. Curley, Jin Huang, Michal Grinstein-Weiss, Yunju Nam, Min Zhan, Chang-Kuen Han
Center for Social Development Research
This Working Paper has been submitted for inclusion in theEncyclopedia of Social Work's new online edition, which is published by Oxford University Press. Since 1991, a new policy discussion has arisen in the United States and other countries, focusing on building assets as a complement to traditional social policy based on income. In fact, asset-based policy already existed (and still exists) in the United States, with large public subsidies. But the policy is regressive, benefiting the rich far more than the poor. The goal should be a universal, progressive, and lifelong asset-based policy. One promising pathway may be Child Development …
Financial Outcomes In Seed For Oklahoma Kids, Margaret M. Clancy, Sondra G. Beverly, Michael Sherraden
Financial Outcomes In Seed For Oklahoma Kids, Margaret M. Clancy, Sondra G. Beverly, Michael Sherraden
Center for Social Development Research
The SEED for Oklahoma Kids (SEED OK) experiment is a large-scale policy test of universal, automatic, and progressive Child Development Accounts (CDAs). This fact sheet highlights selected SEED OK financial outcomes measured between 2007 and 2014. Because of SEED OK’s automatic account opening and initial deposits, the CDA has especially large impacts on OK 529 savings among disadvantaged children. Advantaged children are more likely than disadvantaged children to have individual savings in OK 529 accounts, and average individual savings are higher for advantaged children. But, the CDA increases the likelihood that disadvantaged children have OK 529 accounts opened by their …
A Savings Account For Every Child Born In Israel: Recommendations For Program Implementation, Michal Grinstein-Weiss, Meredith Covington, Margaret M. Clancy, Michael Sherraden
A Savings Account For Every Child Born In Israel: Recommendations For Program Implementation, Michal Grinstein-Weiss, Meredith Covington, Margaret M. Clancy, Michael Sherraden
Center for Social Development Research
In November 2015, Israel enacted legislation to create and fund a Child Development Account program. Beginning in 2017, every baby born to an insured Israeli resident will receive a Child Development Account in his or her name. This brief details the policy, which was developed in collaboration with researchers at the Center for Social Development, and offers recommendations to guide its implementation.
The Seed For Oklahoma Kids Child Development Account Experiment: Accounts, Assets, Earnings, And Savings, Sondra G. Beverly, Margaret M. Clancy, Jin Huang, Michael Sherraden
The Seed For Oklahoma Kids Child Development Account Experiment: Accounts, Assets, Earnings, And Savings, Sondra G. Beverly, Margaret M. Clancy, Jin Huang, Michael Sherraden
Center for Social Development Research
This brief presents the latest results from SEED for Oklahoma Kids, a pathbreaking randomized experiment to test the effects of automatic, universal, and progressive Child Development Accounts (CDAs) in a statewide sample. Key features of the CDA are automatic opening of a 529 account and an automatic initial $1,000 deposit. The results show that CDAs with automatic deposits invested in a 529 plan may enable children to accumulate meaningful levels of assets over time, even if their families do not contribute to the accounts. As the brief indicates, the new results also have key implications for public policy.
Lack Of Emergency Savings Puts American Households At Risk, Michal Grinstein-Weiss, Blair Russell, Brad Tucker, Krista Comer
Lack Of Emergency Savings Puts American Households At Risk, Michal Grinstein-Weiss, Blair Russell, Brad Tucker, Krista Comer
Center for Social Development Research
Lack of Emergency Savings Puts American Households at Risk
Research Summary: Testing Universal College Savings Accounts At Birth: Early Research From Seed For Oklahoma Kids, Sondra G. Beverly, Margaret M. Clancy, Michael Sherraden
Research Summary: Testing Universal College Savings Accounts At Birth: Early Research From Seed For Oklahoma Kids, Sondra G. Beverly, Margaret M. Clancy, Michael Sherraden
Center for Social Development Research
SEED for Oklahoma Kids is a large-scale policy test of automatic and progressive Child Development Accounts (CDAs), and it is the first truly universal model in the United States. The SEED OK CDA is universal in that it opens an Oklahoma 529 College Savings Plan (OK 529) account on behalf of every infant in the treatment group. This report summarizes key findings and conclusions from SEED for Oklahoma Kids research. Even at this early stage, SEED OK research is informing policy and the design of college savings plans at the state level. Amore recent summary of SEED OK research is …
Automatic Deposits For All At Birth: Maine's Harold Alfond College Challenge, Margaret M. Clancy, Michael Sherraden
Automatic Deposits For All At Birth: Maine's Harold Alfond College Challenge, Margaret M. Clancy, Michael Sherraden
Center for Social Development Research
The first statewide Child Development Account (CDA) in the United States announced a major change in strategy to automatically enroll all newborns. Evidence from CDA research has contributed to the decision by the College Challenge to remove its original opt-in requirement—in which parents must enroll their newborns in the state’s 529 college savings plan to receive a $500 grant—in favor of universal enrollment—in which every child is enrolled automatically at birth with a $500 grant.
Student Debt And Declining Retirement Savings, William Elliott, Michal Grinstein-Weiss, Ilsung Nam
Student Debt And Declining Retirement Savings, William Elliott, Michal Grinstein-Weiss, Ilsung Nam
Center for Social Development Research
In this study, the authors use the Survey of Consumer Finances (SCF) to determine whether student loan debt is associated with retirement savings. They find that the median 2009 retirement savings amount for households with no outstanding student loan debt ($55,000) is nearly twice as high as it is for households with outstanding student loan debt ($25,000). Further, multivariate statistics indicate that a household with a four-year college graduate, outstanding student loan debt, and median retirement savings ($80,983) in 2007 incurred a loss of 52% of those retirement savings in 2009 contrasted with household with a similar household with no …
Child Development Accounts And College Success: Accounts, Assets, Expectations, And Achievements, Sondra G. Beverly, William Elliott, Michael Sherraden
Child Development Accounts And College Success: Accounts, Assets, Expectations, And Achievements, Sondra G. Beverly, William Elliott, Michael Sherraden
Center for Social Development Research
Child Development Accounts (CDAs) can contribute to financial preparation for college and the development of a college-bound identity in multiple ways and so increase the likelihood of college success. The pathways from CDAs to college success proposed in this paper are grounded in theory and evidence, but more research on the impact of CDAs is needed.
Youth Savings Patterns And Performance In Colombia, Ghana, Kenya, And Nepal, Lissa Johnson, Yungsoo Lee, Michael Sherraden, Gina A. N. Chowa, David Ansong, Fred Ssewamala, Margaret S. Sherraden, Li Zhou, Moses Njenga, Joseph Kieyah, Isaac Osei-Akoto, Sharad Sharma, Jyoti Manandhar, Catherine Orgales Rodriguez, Frederico Merchán, Juan Saavedra
Youth Savings Patterns And Performance In Colombia, Ghana, Kenya, And Nepal, Lissa Johnson, Yungsoo Lee, Michael Sherraden, Gina A. N. Chowa, David Ansong, Fred Ssewamala, Margaret S. Sherraden, Li Zhou, Moses Njenga, Joseph Kieyah, Isaac Osei-Akoto, Sharad Sharma, Jyoti Manandhar, Catherine Orgales Rodriguez, Frederico Merchán, Juan Saavedra
Center for Social Development Research
Youth Savings Patterns and Performance in Colombia, Ghana, Kenya, and Nepal
Small-Dollar Children's Savings Accounts, Income, And College Outcomes, William Elliott, Hyun-A Song, Ilsung Nam
Small-Dollar Children's Savings Accounts, Income, And College Outcomes, William Elliott, Hyun-A Song, Ilsung Nam
Center for Social Development Research
In this paper, we examine the relationship between children’s small-dollar savings accounts and college enrollment and graduation by asking three important research questions: (a) are children with savings of their own more likely to attend or graduate from college, (b) does dosage (having no account; having basic savings only; or having savings designated for school of less than $1, $1 to $499, or $500 or more) matter, and (c) is designating savings for school more predictive than having basic savings alone? We use propensity score weighted data from the Panel Study of Income Dynamics (PSID) and its supplements to create …
Household Assets And Food Stamp Program Participation Among Eligible Low-Income Households, Jin Huang, Yunju Nam, Nora Wikoff
Household Assets And Food Stamp Program Participation Among Eligible Low-Income Households, Jin Huang, Yunju Nam, Nora Wikoff
Center for Social Development Research
This study examines the association between asset ownership and Food Stamp Program participation among eligible households using a sample from a longitudinal national survey. This study employs two approaches: A multinomial model on the level of program participation and an event history analysis on the duration of eligible nonparticipation spells. Analysis results show that home, vehicle, and bank account ownership are negatively related to program participation, suggesting that asset ownership may reduce low-income households’ chances of receiving food assistance. It is recommended that program administrators liberalize asset eligibility rules and simplify procedures to facilitate program participation among low-income asset owners.
Parental Assets: A Pathway To Positive Child Educational Outcomes, Michal Grinstein-Weiss, Yeong H. Yeo, Kate Irish, Min Zhan
Parental Assets: A Pathway To Positive Child Educational Outcomes, Michal Grinstein-Weiss, Yeong H. Yeo, Kate Irish, Min Zhan
Center for Social Development Research
A growing body of evidence suggests parental assets have positive effects on children’s well-being. Using 2004 data from the Survey of Income and Program Participation, this study tests the effect of parental asset holding on child educational outcomes, and explores whether this relationship is mediated by parental involvement and expectations. Results indicate that assets are a significant predictor of all child academic outcomes of our study, however income is not a significant predictor for school outcomes when controlling for assets. The mediation analyses show the effect of assets on school outcomes is mediated by two of the three parenting measures: …
Raising Parent Expectations: Can Wealth And Parent College Accounts Help?, William Elliott Iii, Kristen Wagner
Raising Parent Expectations: Can Wealth And Parent College Accounts Help?, William Elliott Iii, Kristen Wagner
Center for Social Development Research
For many children, especially minority and low-income children, attending college is a genuinely desired but elusive goal. Research on aspirations and expectations provides a way to understand the gap between what children desire and what they actually expect to happen. This study examines the potential role of children’s college accounts (CCAs) as a way to reduce the gap between aspirations and expectations among at-risk children. I find that only 39 percent of children without savings for college expect to attend college; there is an aspirations/expectations gap of 41 percentage points among children with CCAs. Moreover, children with a CCA are …
The Effects Of Holding Assets On Social And Economic Outcomes Of Families: A Review Of Theory And Evidence, Robert Lerman, Signe-Mary Mckernan
The Effects Of Holding Assets On Social And Economic Outcomes Of Families: A Review Of Theory And Evidence, Robert Lerman, Signe-Mary Mckernan
Center for Social Development Research
The Effects of Holding Assets on Social and Economic Outcomes of Families: A Review of Theory and Evidence
Increasing Parent Educational Expectations For Children In Sub-Saharan Africa: The Potential Role Of Assets, Gina Chowa, William Elliott Iii
Increasing Parent Educational Expectations For Children In Sub-Saharan Africa: The Potential Role Of Assets, Gina Chowa, William Elliott Iii
Center for Social Development Research
It is commonly held in the education literature that parent expectations are an important factor in predicting children’s achievement in school. However, little research has been conducted on educational expectations of parents living in developing countries. In this study of Ugandans we examine whether parents save more when they are given access to Asset Development Accounts (ADAs) and financial training than parents receiving financial training but no ADAs, and/or parents with no ADA or financial training. We find that Ugandan parents who receive both an ADA and financial training experience an increase in mean wealth of US$77.4 over a two …
College Expectations Among Young Children: The Potential Role Of Savings, William Elliott Iii, Margaret Sherrard Sherraden, Lissa Johnson, Suzanne Johnson, Signe Peterson
College Expectations Among Young Children: The Potential Role Of Savings, William Elliott Iii, Margaret Sherrard Sherraden, Lissa Johnson, Suzanne Johnson, Signe Peterson
Center for Social Development Research
For many young people, especially minority and low-income children, attending college is a genuinely desired but elusive goal. This paper explores young children’s perceptions and expectations about attending college and potential influences on their formation. Conducted as part of a four-year study of a school-based saving for college program, this paper uses qualitative evidence from interviews with 60 children in second grade, and surveys with their parents. Findings suggest most of the young children in the study have a general understanding of college and have begun the process of choosing higher education. Further, the perception that saving is a way …
Effects Of Mothers' Assets On Expectations And Children's Educational Achievement In Female-Headed Households, Min Zhan, Michael Sherraden
Effects Of Mothers' Assets On Expectations And Children's Educational Achievement In Female-Headed Households, Min Zhan, Michael Sherraden
Center for Social Development Research
This study examines the effects of mothers’ assets (home ownership and savings) on their expectations and children’s educational achievement in female-headed households. Through the analysis of data from the National Survey of Families and Households (NSFH), results indicate that single mothers’ assets have positive effects on children’s educational achievement, and this effect is partially mediated through expectations. The study also finds that the positive effects of household income on children’s outcomes occur mainly through mothers’ assets. These results lend support for expansion of asset-based policies for poor women with children.