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Household Savings Decisions In Israel’S Child Savings Program: The Role Of Demographic, Financial, And Intrinsic Factors, Ofir Pinto, Olga Kondratjeva, Maya Haran Rosen, Stephen P. Roll, Aytakin Huseynli, Michal Grinstein-Weiss
Household Savings Decisions In Israel’S Child Savings Program: The Role Of Demographic, Financial, And Intrinsic Factors, Ofir Pinto, Olga Kondratjeva, Maya Haran Rosen, Stephen P. Roll, Aytakin Huseynli, Michal Grinstein-Weiss
Social Policy Institute Research
Social Policy Institute Working Paper
Israel’s Child Development Account (CDA) program, the Savings for Every Child Program (SECP), is universal and automatically enrolls all children under the age of 18, depositing approximately $14 into their accounts every month. Parents can transfer an additional monthly $14 into these long-term savings accounts and can choose an investment vehicle for their children’s deposits. The total realized benefits from the SECP depend heavily on parents’ choices. This study examines how demographic, financial, and intrinsic personality characteristics predict household participation in this program. Using a unique data set combining administrative and survey data, we find …