Social Work Commons^™

Homegrown Stl 4th Annual Regional Summit On The State Of Opportunities For Black Boys And Young Men: Closing The Health, Growth, And Opportunity Gaps, Sean Joe, Maribeth Clifton, Demeisha Carlton-Brown

Center for Social Development Research

Convened annually, HomeGrown StL’s annual regional summit brings together service providers, government officials, private-sector partners, and residents to strengthen, align, and accelerate local collective-impact strategies that support the health, development, and economic mobility of Black boys and young men in St. Louis City and in St. Louis County.

This report summarizes developments from the 4th Regional Summit on the State of Opportunities for Black Boys and Young Men: Closing the Healing, Growth, & Opportunity Gaps, which convened June 3, 2021. Priority Objectives and Key Results developed during the summit are described. In addition, the report details the progress of HomeGrown …

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.

Policy Recommendations For Expanding Access To Banking And Financial Services, Terri Friedline, Mathieu R. Despard, Julie Birkenmaier

Center for Social Development Research

Access to financial services is a necessity in the modern economy, yet many households lack such access. This brief, released through the Grand Challenges for Social Work initiative’s network toBuild Financial Capability for All, identifies policies with the potential to expand access to financial services for households in the United States.

Build The Village That Raises The Child, Homegrown Stl

Center for Social Development Research

HomeGrown STL is an initiative to take on long-standing community disparities by improving the social mobility of the region’s 60,000 black boys and young men in one generation. More than 120 regional leaders and providers working to improve the lives of black boys and young men in St. Louis participated in the second annual HomeGrown STL Summit on February 8, 2018, at the Brown School of Social Work.

Taking Child Development Accounts To Scale: Ten Key Policy Design Elements, Michael Sherraden, Margaret M. Clancy, Sondra G. Beverly

Center for Social Development Research

The United States subsidizes asset accumulation for middle- and especially high-income families through the federal income tax system. Low-income families are much less likely than high-income families to benefit from these policies. The vision for Child Development Accounts (CDAs) has been for a universal and progressive policy aimed at long-term asset building for all. Bringing CDAs to scale nationwide in a sustainable manner will require a national policy structure, so that all children can build assets. This brief aims to advance universal and progressive CDAs by identifying 10 key design elements that can be implemented and sustained at scale.

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 …

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 …

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, …

Financial Inclusion In China: Use Of Credit, Zibei Chen, Minchao Jin

Center for Social Development Research

Limited access to credit can cause financial vulnerability for a household and economic loss for a country. Previous studies have shown that only small portions of populations in developing countries use formal credit, but few studies have focused on Chinese populations. Analyzing data from the 2011 China Household Financial Survey, this study explored Chinese households’ credit use. Over half of the sample (53.21%) reported using credit, and only 19.77% of the sample used formal credit. Use of formal credit was associated with the socioeconomic characteristics of household heads (e.g., employment and education) and of households (e.g., income and net worth). …

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

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.

Characteristics And Hardships Associated With Bank Account Ownership Among Refund To Savings Participants, Michal Grinstein-Weiss, Dana C. Perantie, Jane E. Oliphant, Anna Deruyter, Mathieu R. Despard

Center for Social Development Research

Having a bank account is one important way for households to securely accumulate savings, build credit, and earn interest on assets. Nationally, 7.7% of households are unbanked—lacking both a checking and a savings account. One proposed step toward financial inclusion is to encourage unbanked households to open accounts and deposit refunds into savings at tax time, when many low-income households receive the year’s largest lump sum of cash. This brief utilizes data from the 2013 Refund to Savings study to summarize differences between banked and unbanked households. The findings show that unbanked status is a marker for other financial disadvantages, …

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 …

Asset-Based Policy In South Korea, Youngmi Kim, Li Zou, Soyoon Weon, Michael Sherraden, Jin Yong Choi

Center for Social Development Research

Asset building was first discussed at the 56th Korean National Meetings in November 2004. In November 2006, the conference “Toward a New Paradigm in Social Policy: The Potential of Child Development Accounts in Asset-Based Social Policy,” organized by the Korean Labor Institute and Chung Ang University, generated substantial discussion and reinforced interest in asset-based policy in Korea.

Building Children's Assets In Singapore: The Beginning Of A Lifelong Policy, Vernon Loke, Michael Sherraden

Center for Social Development Research

Singapore has comprehensive lifelong asset-building policies for its citizens. Four programs specifically target children: (1) Children Development Accounts (CDAs) for children starting at birth to age 12; (2) the Edusave account for school children aged six to 17; (3) Postsecondary Education accounts (PSEAs) for children aged 13 years and older; and (4) the Medisave Account, which is opened for every newborn.

Use Of Alternative Financial Services Among Low- And Moderate-Income Households: Findings From A Large-Scale National Household Financial Survey, Mathieu R. Despard, Dana C. Perantie, Lingzi Luo, Jane Oliphant, Michal Grinstein-Weiss

Center for Social Development Research

Use of Alternative Financial Services Among Low- and Moderate-Income Households: Findings From a Large-Scale National Household Financial Survey

The Volunteer Income Tax Preparer's Toolkit: Showing Clients Why Tax Time Is The Right Time To Save, Meredith Covington, Janie Oliphant, Dana Perantie, Michael Grinstein-Weiss

Center for Social Development Research

The Volunteer Income Tax Preparer's Toolkit: Showing Clients Why Tax Time Is the Right Time to Save

Youth Saving Patterns And Performance In Colombia, Ghana, Kenya, And Nepal: Key Findings, Lissa Johnson, Yungsoo Lee, David Ansong, Margaret S. Sherraden, Gina A. N. Chowa, Fred Ssewamala, Li Zou, Moses Njenga, Joseph Kieyah, Isaac Osei-Akoto, Sharad Sharma, Jyoti Manandhar, Catherine Rodriguez, Frederico Merchán, Juan Saavedra, Michael Sherraden

Center for Social Development Research

If provided an opportunity to save via formal financial services, do youth in developing countries participate, save, and accumulate assets? This was one of the key questions asked in YouthSave. Savings accounts were created in four developing countries, targeting youth aged 12 to 18 years from predominantly low-income households. This brief highlights research findings on account uptake and savings from the Savings Demand Assessment (SDA).

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.

Asset-Based Policy In China: Applied Projects And Policy Progress, Li Zou, Baorong Guo, Suo Deng, Jin Huang, Minchao Jin, Michael Sherraden

Center for Social Development Research

Since the Center for Social Development (CSD) at Washington University in St. Louis introduced the idea of asset building in China in 2004, asset-based projects and policy discussion have drawn great attention from the central government and mainstream media. CSD research and consultation have played a central role in these developments.

Asset-Based Policy In Hong Kong: Child Development Fund, Li Zou, Simon Lai, Michael Sherraden

Center for Social Development Research

The government of Hong Kong launched the HK$300 million Child Development Fund (CDF) in November 2008 to “capitalize on the strengths of various sectors in the community to help our disadvantaged children,” according to then Hong Kong’s Secretary for Labor and Welfare, Mr. Matthew Cheung Kin-chung. The Hong Kong government drew upon the asset-building research and experience of the Center for Social Development (CSD) at Washington University in St. Louis. Michael Sherraden of CSD consulted for the Hong Kong Government’s Commission on Poverty that planned the CDF policy.

Impacts Of Financial Inclusion On Youth Development: Findings From The Ghana Youthsave Experiment, Gina Chowa, Rainier Masa, David Ansong, Mat Despard, Shiyou Wu, Deborah Hughes, Isaac Osei-Akoto, Stephanie Afranie, Naa Adjorkor Mark-Sowah, Charles Ofori-Acquah, Yungsoo Lee, Lissa Johnson, Michael Sherraden

Center for Social Development Research

The Ghana YouthSave Experiment investigated whether and how youth savings accounts affect financial capability; psychosocial, education, and health outcomes; and economic well-being of Ghanaian youth and their households. The research rigor in the Ghana experiment is unprecedented in resource-limited countries; therefore, it offers an opportunity to posit causal relationships between savings and youth development. This endline report, which comes three years after the baseline report, describes the Ghana experiment and presents experimental findings of YouthSave. The key research questions this report aims to answer is whether the Ghana experiment improved (1) savings patterns and performance for low-income youth; (2) low-income …

Financial Capability And Asset Building In Social Work Education: “The Big Piece Missing?”, Margaret S. Sherraden, Julie Birkenmaier, Michael Rochelle, Gena G. Mcclendon

Center for Social Development Research

Since the 1990s, social workers have renewed the profession’s early focus on improving the financial well-being of vulnerable families. Nonetheless, most social workers receive little training and education about how to help clients build stable and secure financial lives. This study uses in-depth interviews and pre- and post-surveys to examine the effects of a Financial Capability and Asset Building (FCAB) curriculum in six Minority Serving Institutions. In-depth interviews with 24 school administrators, FCAB instructors, and faculty colleagues suggest that faculty chose FCAB content based on course goals, content utility, and alignment with social work education standards. Furthermore, faculty reported gaining …

Do Eitc Recipients Use Their Tax Refunds To Get Ahead? Evidence From The Refund To Savings Initiative, Mathieu R. Despard, Dana C. Parantie, Jane Oliphant, Michal Grinstein-Weiss

Center for Social Development Research

Many U.S. households lack savings for unexpected expenses and financial shocks, but tax refunds and the Earned Income Tax Credit offer opportunities to set aside resources for use in emergencies. Understanding what EITC recipients do with their tax refunds is important for guiding federal policy to promote financial stability. This brief summarizes findings on the use of tax refunds by EITC recipients in the Refund to Savings (R2S) initiative. It also examines the use of financial services for saving refunds and the financial shocks experienced by EITC recipients during the 6 months after tax filing.

Adopting A Financial Capability And Asset Building Curriculum At Historically Black Colleges And Universities, Michael Rochelle, Gena Mcclendon, Melody Brackett, Michael Wright, Margaret Sherraden

Center for Social Development Research

Social workers currently engage in financial capability practice with low-income and financially vulnerable individuals and families in diverse practice settings but typically lack professional preparation for this work. In response, several schools of social work have begun developing curriculum. Using an in-depth interview methodology, this study explores the experiences of faculty and administrators (N=19) at four Historically Black Colleges and Universities (HBCUs) that adopted a curriculum in financial capability and asset building. Findings show that key reasons for adopting are the relevance of the content to student and community needs, faculty interest, and alignment with program, institutional, and professional goals. …