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Full-Text Articles in Social Work
Financial Capability And Asset Building In Social And Economic Development: Advancing The Sustainable Development Goals, David Ansong, Moses Okumu, Jin Huang`, Margaret S. Sherraden, Lissa Johnson, Li Zou
Financial Capability And Asset Building In Social And Economic Development: Advancing The Sustainable Development Goals, David Ansong, Moses Okumu, Jin Huang`, Margaret S. Sherraden, Lissa Johnson, Li Zou
Center for Social Development Research
The concern for economic well-being undergirds most of the United Nations Sustainable Development Goals. This Perspective articulates an agenda for advancing those goals in resource-constrained countries by leveraging financial capability and asset-building (FCAB) strategies. It also specifies a role for financial technology (commonly called “FinTech”) in this work. The authors conclude with a call for better integrating FCAB and FinTech into plans for advancing the SDGs.
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.
Policy Recommendations For Expanding Access To Banking And Financial Services, Terri Friedline, Mathieu R. Despard, Julie Birkenmaier
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.
Next Steps: Whither Social Work Education And Financial Capability And Asset Building?, Darla Spence Coffey
Next Steps: Whither Social Work Education And Financial Capability And Asset Building?, Darla Spence Coffey
Center for Social Development Research
This CSD Perspective has been adapted from an address given by Dr. Coffey on April 17, 2018, as part of Coin a Better Future: Reaching Out to Financially Vulnerable Families, an event sponsored by the Center for Social Development at Washington University and the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis.
Do Savings And Assets Reduce Need-Based Aid For Dependent Students?, Margaret M. Clancy, Sondra G. Beverly
Do Savings And Assets Reduce Need-Based Aid For Dependent Students?, Margaret M. Clancy, Sondra G. Beverly
Center for Social Development Research
Federal programs such as Pell Grants provide financial aid for college according to need. Although the federal government is the principal source of need-based student aid, almost all states offer assistance. Rules governing student aid designate income as the primary indicator of ability to pay but assets are also considered. This policy brief documents the impact of assets on need-based aid for dependent students under current rules and formulas. The main observation is that savings and assets do not affect need-based aid for most dependent students. When assets count toward the EFC, savings held in 529 plan accounts have less …
Policy Recommendations For Meeting The Grand Challenge To Reduce Extreme Economic Inequality, William Elliott Iii, Julia R. Henly, Susan J. Lambert, Laura Lein, Jennifer L. Romich, Trina R. Shanks, Michael Sherraden
Policy Recommendations For Meeting The Grand Challenge To Reduce Extreme Economic Inequality, William Elliott Iii, Julia R. Henly, Susan J. Lambert, Laura Lein, Jennifer L. Romich, Trina R. Shanks, Michael Sherraden
Center for Social Development Research
This brief was created forSocial Innovation for America’s Renewal, a policy conference organized by the Center for Social Development in collaboration with the American Academy of Social Work & Social Welfare, which is leading theGrand Challenges for Social Work initiative to champion social progress. The conference site includes links to speeches, presentations, and a full list of the policy briefs.
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 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 …
Financial Inclusion In China: Use Of Credit, Zibei Chen, Minchao Jin
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
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 …
The Burden Of Student Debt: Findings From A Survey Of Low- And Moderate-Income Households, Mathieu R. Despard, Samuel H. Taylor, Dana C. Perantie, Michal Grinstein-Weiss
The Burden Of Student Debt: Findings From A Survey Of Low- And Moderate-Income Households, Mathieu R. Despard, Samuel H. Taylor, Dana C. Perantie, Michal Grinstein-Weiss
Center for Social Development Research
Completing a college degree continues to offer a pathway for enjoying greater earnings. Yet tuition has risen sharply and state higher-education funding has declined in recent years, shifting the burden of paying for college to students and their families. As a result, most students (70%) depend on loans to help pay for college and student debt is now greater than credit card debt in the United States. Student debt is increasingly difficult to manage, as debt-to-income ratios, loan default rates, and delinquency rates are on the rise. This brief utilizes data from the 2014 Refund to Savings study to examine …
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.
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
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
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 …
Testing Universal Child Development Accounts: Financial Impacts In A Large Social Experiment, Margaret M. Clancy, Sondra G. Beverly, Michael Sherraden, Jin Huang
Testing Universal Child Development Accounts: Financial Impacts In A Large Social Experiment, Margaret M. Clancy, Sondra G. Beverly, Michael Sherraden, Jin Huang
Center for Social Development Research
This study examines financial impacts of Child Development Accounts (CDAs) designed to build assets for every newborn in the treatment group. Data come from the randomized SEED for Oklahoma Kids experiment 7 years after the intervention began. The CDA’s automatic features have large impacts on account holding and asset accumulation for college, and especially so for disadvantaged children. This is an important finding because having designated college savings likely shapes children’s educational expectations, which in turn likely influences their precollege academic behavior and achievement. Moreover, demonstrating full inclusion—that is, accounts and assets for all newborns—sets the stage for more equitable …
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
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
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
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
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.
Asset-Based Policy In China: Applied Projects And Policy Progress, Li Zou, Baorong Guo, Suo Deng, Jin Huang, Minchao Jin, Michael Sherraden
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
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.
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
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.
Voices Of Youth, Parents, And Stakeholders: Findings From Case Studies In The Youthsave Project, Li Zou, Sarah Myers Tlapek, Margaret S. Sherraden, John W. Gabbert, Amy Ritterbusch, Ernest Appiah, Dorcas Opai-Tetteh, Githinji Njenga, Joseph Kieyah, Sharad K. Sharma, Jyoti Manandhar, Manik Maharjan
Voices Of Youth, Parents, And Stakeholders: Findings From Case Studies In The Youthsave Project, Li Zou, Sarah Myers Tlapek, Margaret S. Sherraden, John W. Gabbert, Amy Ritterbusch, Ernest Appiah, Dorcas Opai-Tetteh, Githinji Njenga, Joseph Kieyah, Sharad K. Sharma, Jyoti Manandhar, Manik Maharjan
Center for Social Development Research
Voices of Youth, Parents, and Stakeholders: Findings From Case Studies in the YouthSave Project
Refund To Savings 2013: Comprehensive Report On A Large-Scale Tax-Time Saving Program, Michal Grinstein-Weiss, Dana C. Perantie, Blair D. Russell, Krista Comer, Samuel H. Taylor, Lingzi Luo, Clinton Key, Dan Ariely
Refund To Savings 2013: Comprehensive Report On A Large-Scale Tax-Time Saving Program, Michal Grinstein-Weiss, Dana C. Perantie, Blair D. Russell, Krista Comer, Samuel H. Taylor, Lingzi Luo, Clinton Key, Dan Ariely
Center for Social Development Research
Refund to Savings 2013: Comprehensive Report on a Large-Scale Tax-Time Saving Program
Closing The Racial Wealth Gap: Innovative Solutions For Change, Southern Regional Asset Building Coalition
Closing The Racial Wealth Gap: Innovative Solutions For Change, Southern Regional Asset Building Coalition
Center for Social Development Research
Closing the Racial Wealth Gap: Innovative Solutions for Change
College Savings Plans: A Platform For Inclusive And Progressive Child Development Accounts, Margaret M. Clancy, Michael Sherraden, Sondra G. Beverly
College Savings Plans: A Platform For Inclusive And Progressive Child Development Accounts, Margaret M. Clancy, Michael Sherraden, Sondra G. Beverly
Center for Social Development Research
College Savings Plans: A Platform for Inclusive and Progressive Child Development Accounts
The Early Positive Impacts Of Child Development Accounts, Sondra G. Beverly, Margaret M. Clancy, Michael Sherraden
The Early Positive Impacts Of Child Development Accounts, Sondra G. Beverly, Margaret M. Clancy, Michael Sherraden
Center for Social Development Research
This research brief highlights 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). The universal and automatic components make the CDA in SEED OK inclusive by providing college accounts and savings to all treatment children. These studies primarily report the positive impacts of the CDA on nonfinancial outcomes (e.g., educational expectations, mother’s mental health, and child development). The impacts are often greater for disadvantaged children.
Baseline Survey Of The Third Cohort: A Supplemental Report From The Youthsave Ghana Experiment, Gina Chowa, David Ansong, Rainier Masa, Shiyou Wu, Yalitza Ramos, Meli Blake Kimathi
Baseline Survey Of The Third Cohort: A Supplemental Report From The Youthsave Ghana Experiment, Gina Chowa, David Ansong, Rainier Masa, Shiyou Wu, Yalitza Ramos, Meli Blake Kimathi
Center for Social Development Research
Baseline Survey of the Third Cohort: A Supplemental Report From the YouthSave Ghana Experiment
The Early Good News About Child Development Accounts, Sondra G. Beverly, Margaret Clancy, Michael Sherraden
The Early Good News About Child Development Accounts, Sondra G. Beverly, Margaret Clancy, Michael Sherraden
Center for Social Development Research
This brief summary of early research findings from the SEED for Oklahoma Kids experiment may help Child Development Account (CDA) proponents communicate the value of such accounts to policymakers, educators and others.