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Taking Child Development Accounts To Scale: Ten Key Policy Design Elements, Michael Sherraden, Margaret M. Clancy, Sondra G. Beverly
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.
Start Lifelong Asset Building With Universal And Progressive Child Development Accounts, Jin Huang, Margaret S. Sherraden, Margaret M. Clancy, Michael Sherraden, Trina R. Shanks
Start Lifelong Asset Building With Universal And Progressive Child Development Accounts, Jin Huang, Margaret S. Sherraden, Margaret M. Clancy, Michael Sherraden, Trina R. Shanks
Center for Social Development Research
This policy action statement was developed by members of the networks engaged in the Grand Challenges to Build Financial Capability and Assets for All and to Reduce Extreme Economic Inequality. The Grand Challenges initiative’s policy action statements present proposals emerging from Social Innovation for America’s Renewal, a policy conference organized by the Center for Social Development at Washington University in collaboration with theAmerican Academy of Social Work & Social Welfare, which is leading the Grand Challenges for Social Work initiative to champion social progress through a national agenda powered by science.
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.
Policy Recommendations For Meeting The Grand Challenge To Build Financial Capability And Assets For All, Jin Huang, Margaret S. Sherraden, Margaret M. Clancy, Michael Sherraden, Julie Birkenmaier, Mathieu R. Despard, Jodi J. Frey, Christine Callahan, David Rothwell
Policy Recommendations For Meeting The Grand Challenge To Build Financial Capability And Assets For All, Jin Huang, Margaret S. Sherraden, Margaret M. Clancy, Michael Sherraden, Julie Birkenmaier, Mathieu R. Despard, Jodi J. Frey, Christine Callahan, David Rothwell
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 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.
Frequently Asked Questions About The Features Of Child Development Accounts In Israel, Michal Grinstein-Weiss, Meredith Covington, Megan Brewster, Jane E. Oliphant
Frequently Asked Questions About The Features Of Child Development Accounts In Israel, Michal Grinstein-Weiss, Meredith Covington, Megan Brewster, Jane E. Oliphant
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 Fact Sheet provides answers to frequently asked questions about the policy, which was developed in collaboration with researchers at the Center for Social Development.
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 …
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
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
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.
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
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
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
Economic Intervention And Parenting: A Randomized Experiment Of Statewide Child Development Accounts, Yunju Nam, Nora Wikoff, Michael Sherraden
Economic Intervention And Parenting: A Randomized Experiment Of Statewide Child Development Accounts, Yunju Nam, Nora Wikoff, Michael Sherraden
Center for Social Development Research
Objective: We examine the effects of Child Development Accounts (CDAs) on parenting stress and practices. Methods: We use data from the SEED for Oklahoma Kids (SEED OK) experiment. SEED OK selected caregivers of infants from Oklahoma birth certificates using a probability sampling method, randomly assigned caregivers to the treatment (n = 1,32) or control group (n = 1,098), and provided college savings incentives only to the treatment group. We run regression analyses on a parenting stress scale and six continuous measures of parenting practices. Results: There were no significant differences in parenting outcomes between treatment and control groups, with the …
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.
Program Knowledge And Savings In A Child Development Account Experiment, Yunju Nam, Elizabeth Hole, Michael Sherraden, Margaret Clancy
Program Knowledge And Savings In A Child Development Account Experiment, Yunju Nam, Elizabeth Hole, Michael Sherraden, Margaret Clancy
Center for Social Development Research
This study investigates whether participants’ program knowledge is associated with savings outcomes in Child Development Accounts and whether differences in program knowledge explain racial and ethnic disparities in savings outcomes. Analyses of data collected from treatment participants in the SEED for Oklahoma Kids (SEED OK) experiment (N = 1,39) indicate that knowledge of SEED OK program features is low: on average, participants are aware of 1.24 of three features, and averages are lower among Blacks and Hispanics. Logit and Tobit regressions show that program knowledge is positively related to likelihood of holding a SEED OK participant-owned account and to individual …
Heterogeneous Effects Of Child Development Accounts On Savings For Children's Education, Jin Huang, Youngmi Kim, Michael Sherraden, Margaret Clancy
Heterogeneous Effects Of Child Development Accounts On Savings For Children's Education, Jin Huang, Youngmi Kim, Michael Sherraden, Margaret Clancy
Center for Social Development Research
In this study, we use data from SEED for Oklahoma Kids (N = 2,77), a statewide policy experiment testing Child Development Accounts (CDAs), to examine effects on individual savings for children’s postsecondary education. Built on the account structure of the Oklahoma 529 College Savings Plan, the experiment automatically opened state-owned 529 accounts for children in the treatment group with a $1,000 initial deposit, and encouraged their caregivers to open and save in participant-owned 529 accounts. Using quantile regressions and statistical match, the study focuses on the effects of CDAs on the shape of the savings distribution among participants who hold …
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.
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.
Seed For Oklahoma Kids: Experimental Test Of A Policy Innovation In A Full Population, Lisa Reyes Mason, Yunju Nam, Margaret Clancy, Michael Sherraden
Seed For Oklahoma Kids: Experimental Test Of A Policy Innovation In A Full Population, Lisa Reyes Mason, Yunju Nam, Margaret Clancy, Michael Sherraden
Center for Social Development Research
The Center for Social Development at Washington University in St. Louis has implemented an ambitious policy demonstration: SEED for Oklahoma Kids (SEED OK). This initiative uses multiple research methods, including a scientific experiment in a full population, to test a policy innovation. The innovation is providing a Child Development Account (CDA) to all children at birth. In SEED OK, randomly selected newborn children in Oklahoma received a college savings account “seeded” with a $1,000 initial deposit, plus additional components of the SEED OK intervention. This case study describes the multiyear process of designing and implementing SEED OK and sheds light …
Relationships Between College Savings And Enrollment, Graduation, And Student Loan Debt, William Elliott Iii, Hyun-A Song, Ilsung Nam
Relationships Between College Savings And Enrollment, Graduation, And Student Loan Debt, William Elliott Iii, Hyun-A Song, Ilsung Nam
Center for Social Development Research
Relationships Between College Savings and Enrollment, Graduation, and Student Loan Debt
Reducing Student Loan Debt Through Parents’ College Savings, William Elliott, Ilsung Nam
Reducing Student Loan Debt Through Parents’ College Savings, William Elliott, Ilsung Nam
Center for Social Development Research
One policy rationale for promoting Child Development Accounts (CDAs) is that they may help reduce college debt, but no research provides evidence of this. Research does suggest that high-dollar student loans ($10,000 or more) can reduce the probability that lower income students in particular persist in and graduate from college. In this study, we find evidence to suggest that parents’ college savings may reduce the probability that students accrue high-dollar student loan debt across all income levels with the exception of high-income students. Based on this and evidence from separate research on small-dollar children’s savings accounts, we suggest that it …
Youth And Their Health In Ghana, Gina Chowa, Rainier Masa, Isaac Osei-Akoto
Youth And Their Health In Ghana, Gina Chowa, Rainier Masa, Isaac Osei-Akoto
Center for Social Development Research
Youth and Their Health in Ghana
Parental Involvement And Academic Performance In Ghana, Gina Chowa, David Ansong, Issac Osei-Akoto
Parental Involvement And Academic Performance In Ghana, Gina Chowa, David Ansong, Issac Osei-Akoto
Center for Social Development Research
Parental Involvement and Academic Performance in Ghana
Early Program Enrollment In A Statewide Child Development Account Program, Jin Huang, Sondra Beverly, Margaret Clancy, Terry Lassar, Michael Sherraden
Early Program Enrollment In A Statewide Child Development Account Program, Jin Huang, Sondra Beverly, Margaret Clancy, Terry Lassar, Michael Sherraden
Center for Social Development Research
Early Program Enrollment in a Statewide Child Development Account Program