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Full-Text Articles in Social Work
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 Anxiety In Low- And Moderate-Income Households: Findings From The Household Financial Survey, Stephen P. Roll, Samuel H. Taylor, Michal Grinstein-Weiss
Financial Anxiety In Low- And Moderate-Income Households: Findings From The Household Financial Survey, Stephen P. Roll, Samuel H. Taylor, Michal Grinstein-Weiss
Center for Social Development Research
Despite significant gains in the U.S. economy following the Great Recession, finances remain a common source of stress for many American households. In 2016, 52% of U.S. workers reported that their financial position made them stressed, and research reveals that stress and anxiety associated with finances are particularly common among low-income Americans. In this brief, we explore the topic of financial anxiety, particularly its relationship to demographic and financial characteristics, measures of hardship, and financial behaviors. We find that financial anxiety is strongly linked to the overall levels of debt and assets held by low-income households, as well as their …
Leveraging Tax Time To Build Financial Capability: Research Evidence And Policy Directions, Meredith Covington, Jane E. Oliphant, Michal Grinstein-Weiss
Leveraging Tax Time To Build Financial Capability: Research Evidence And Policy Directions, Meredith Covington, Jane E. Oliphant, Michal Grinstein-Weiss
Center for Social Development Research
Over the past decade, a variety of initiatives have been implemented in the United States to facilitate saving and build financial security at tax time, including national experiments, pilot programs, and federal and state policies. Much progress has been made in encouraging tax filers, especially low- to moderate-income (LMI) tax filers, to save a portion of their refund. To expand upon the “golden moment” of saving at tax time, policymakers, practitioners, and researchers must now seek ways in which the lump sum of saving at tax time can serve to render tax filers capable of confidently managing their financial lives. …
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 …
Nudging Youth To Develop Savings Habits: Experimental Evidence Using Sms Messages, Katherine Rodríguez, Juan E. Saavedra
Nudging Youth To Develop Savings Habits: Experimental Evidence Using Sms Messages, Katherine Rodríguez, Juan E. Saavedra
Center for Social Development Research
In this working paper, we report on a field experiment articulating financial information via cellphone text messages and financial decisions among low-income youth in Colombia. For twelve months, youth accountholders are randomly assigned to receive either: (a) monthly financial education messages, (b) monthly savings reminders, (c) semimonthly reminders, or (d) control. After 12 months, account balances in monthly and semimonthly reminders groups increase by 28% and 43%, respectively, relative to controls. Financial education messages do not increase balances. Over two thirds of balance increases in reminder groups are net savings. Savings effects of reminders last eight months after youth stop …
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.
Youth Savings Patterns And Performance In Colombia, Ghana, Kenya, And Nepal, Lissa Johnson, Yungsoo Lee, David Ansong, Margaret S. Sherraden, Gina Chowa, Fred Ssewamala, Li Zou, Michael Sherraden, Moses Njenga, Joseph Kieyah, Issac Osei-Akoto, Sharad Sharma, Jyoti Manandhar, Catherine Rodriguez Orgales, Frederico Merchán, Juan Saavedra
Youth Savings Patterns And Performance In Colombia, Ghana, Kenya, And Nepal, Lissa Johnson, Yungsoo Lee, David Ansong, Margaret S. Sherraden, Gina Chowa, Fred Ssewamala, Li Zou, Michael Sherraden, Moses Njenga, Joseph Kieyah, Issac Osei-Akoto, Sharad Sharma, Jyoti Manandhar, Catherine Rodriguez Orgales, Frederico Merchán, Juan Saavedra
Center for Social Development Research
Youth Savings Patterns and Performance in Colombia, Ghana, Kenya, and Nepal
Annual Report On The Asset Project's Head Start Family Financial Capability Pilot: 2014–2015, Anne S. Robertson, Jami Curley
Annual Report On The Asset Project's Head Start Family Financial Capability Pilot: 2014–2015, Anne S. Robertson, Jami Curley
Center for Social Development Research
Since the Great Recession (December 2007–2009 in the United States), poverty has compromised many families and increased the prevalence of young children living in neighborhoods of concentrated, deep poverty. However, financial literacy interventions have reported promising outcomes for influencing financial choices and financial knowledge, highlighting the potential of such programs for improving the economic positions of families and children. This report presents results from a mixed-methods evaluation of a financial literacy intervention with Head Start families in the St. Louis metropolitan area. The intervention combines savings incentives and one-on-one coaching with 10 hours of financial education on debt management, banking, …
Research Summary: Universal Accounts At Birth: Results From Seed For Oklahoma Kids, Sondra G. Beverly, Margaret M. Clancy, Michael Sherraden
Research Summary: Universal Accounts At Birth: Results From Seed For Oklahoma Kids, Sondra G. Beverly, Margaret M. Clancy, Michael Sherraden
Center for Social Development Research
This research summary consolidates the findings of several studies from the SEED for Oklahoma Kids experiment, a large-scale policy test of universal, automatic, and progressive Child Development Accounts (CDAs). Studies report the positive impacts of the CDA on financial outcomes (e.g., OK 529 college savings account holding and savings) and on nonfinancial outcomes (e.g., educational expectations, mother’s mental health, and child development). The impacts are often greater for disadvantaged and at-risk children. of note, the automatic components make the CDA in SEED OK inclusive and reduce asset inequality early in life. SEED OK studies indicate the importance of automatic account …
Support For A Tax-Time Savings Policy: Interest In Deferring Tax Refunds With Matched Incentives, Dana C. Perantie, Jane E. Oliphant, Michal Grinstein-Weiss
Support For A Tax-Time Savings Policy: Interest In Deferring Tax Refunds With Matched Incentives, Dana C. Perantie, Jane E. Oliphant, Michal Grinstein-Weiss
Center for Social Development Research
Support for a Tax-Time Savings Policy: Interest in Deferring Tax Refunds With Matched Incentives