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Effects Of An Individual Development Account Program On Retirement Saving: Follow-Up Evidence From A Randomized Experiment, Michal Grinstein-Weiss, Michael Sherraden, William Gale, William M. Rohe, Mark Schreiner, Clinton Key
Effects Of An Individual Development Account Program On Retirement Saving: Follow-Up Evidence From A Randomized Experiment, Michal Grinstein-Weiss, Michael Sherraden, William Gale, William M. Rohe, Mark Schreiner, Clinton Key
Center for Social Development Research
Using data from a randomized experiment that ran from 1998 to 2003 in Tulsa, Oklahoma, we examine the 10-year follow-up effects on retirement saving of an Individual Development Account (IDA) program. The IDA program included financial education, encouragement to save, and matching funds for several qualified uses of the savings, including contributions to retirement accounts. The results indicate that, as of 2009, 6 years after the program ended, the IDA program had no impact on the propensity to hold a retirement account, the account balance, or the sufficiency of retirement balances to meet retirement expenses.
"You Pay Your Share, We'll Pay Our Share": The College Cost Burden And The Role Of Race, Income, And College Assets, William Elliott, Terri Friedline
"You Pay Your Share, We'll Pay Our Share": The College Cost Burden And The Role Of Race, Income, And College Assets, William Elliott, Terri Friedline
Center for Social Development Research
Changes in financial aid policies may place too much of the burden of paying for college on students. In addition, incentives for accumulating college assets may exacerbate the college cost burden on minority and lower income students. Our study investigated the impacts of these policy changes on college cost burden using trivariate probit analysis with predicted probabilities. We find that recent changes in the financial aid system place a higher responsibility on African American, Latino/Hispanic, and moderate-income students to pay for college themselves. an implication is that greater opportunities for more and higher dollar grants and scholarships at 4-year colleges …
Individual Development Accounts And Post-Secondary Education: Evidence From A Randomized Experiment, Michal Grinstein-Weiss, Michael Sherraden, William Gale, William M. Rohe, Mark Schreiner, Clinton Key
Individual Development Accounts And Post-Secondary Education: Evidence From A Randomized Experiment, Michal Grinstein-Weiss, Michael Sherraden, William Gale, William M. Rohe, Mark Schreiner, Clinton Key
Center for Social Development Research
This paper presents evidence from a randomized field experiment testing the impact of a 3-year matched savings program on educational outcomes 10 years later. We examine the effect of an Individual Development Account (IDA) program on educational enrollment, degree completion, and increased education level. The IDA program, which ran from 1998 to 2003 in Tulsa, Oklahoma, provided low-income households with financial education and matching funds for qualified savings withdrawals, including a 1:1 match for educational uses. We find a significant impact on education enrollment and positive, but non-significant impacts on degree completion and increase in level of education. We also …
Testing An Asset-Building Approach For Young People: Early Access To Savings Predicts Later Savings, Terri Friedline, William Elliott, Gina Chowa
Testing An Asset-Building Approach For Young People: Early Access To Savings Predicts Later Savings, Terri Friedline, William Elliott, Gina Chowa
Center for Social Development Research
A major hypothesis of asset-building is that early access to savings accounts leads to continued and improved educational and economic outcomes over time. This study asks whether or not young adults (ages 18 to 22), particularly lower-income young adults, are significantly more likely to own savings accounts and to accumulate more savings when they have access to savings accounts at banking institutions as adolescents (ages 13 to 17). We investigate this question using longitudinal data (low-to-moderate income sample [LMI; N = 530]; low-income sample [LI; N = 354]) from the Panel Study of Income Dynamics and its supplements. Results from …