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Two Accounts For Why Adolescent Savings Is Predictive Of Young Adult Savings: An Economic Socialization Perspective And An Institutional Perspective, William Elliott Iii, Paul Webley, Terri Friedline
Two Accounts For Why Adolescent Savings Is Predictive Of Young Adult Savings: An Economic Socialization Perspective And An Institutional Perspective, William Elliott Iii, Paul Webley, Terri Friedline
Center for Social Development Research
Economic socialization and the institutional theory of saving offer different accounts for why adolescents' savings predicts savings in young adulthood. Economic socialization theory emphasizes the role that the family plays in whether or not youth develop a future time orientation and a habit of saving. Conversely, an institutional theory is built on the premise that acquisition of financial knowledge and resources are strongly influenced by structural failures related to social class and race. Using longitudinal data (N = 694) from the Panel Study of Income Dynamics (PSID) and its supplements, this paper asks whether having savings as an adolescent (ages …
Do Child Development Accounts Promote Account Holding, Saving, And Asset Accumulation For Children's Future? Evidence From A Statewide Randomized Experiment, Yunju Nam, Youngmi Kim, Margaret Clancy, Robert Zager, Michael Sherraden
Do Child Development Accounts Promote Account Holding, Saving, And Asset Accumulation For Children's Future? Evidence From A Statewide Randomized Experiment, Yunju Nam, Youngmi Kim, Margaret Clancy, Robert Zager, Michael Sherraden
Center for Social Development Research
This study examines the impacts of Child Development Accounts (CDAs) on account holding, saving, and asset accumulation for children, using data from the SEED for Oklahoma Kids experiment (SEED OK). SEED OK, a policy test of universal and progressive CDAs, provides a 529 college savings plan account to every infant in the treatment group with automatic account opening and an initial deposit. SEED OK also encourages treatment participants to open their own 529 accounts with an account opening incentive and a savings match. Using a sample of infants randomly selected from birth records (N=2,70) and randomly assigned to treatment and …
Toward A Children's Savings And College-Bound Identity Intervention For Raising College Attendance Rates: A Multilevel Propensity Score Analysis, William Elliott Iii, Gina Chowa, Vernon Loke
Toward A Children's Savings And College-Bound Identity Intervention For Raising College Attendance Rates: A Multilevel Propensity Score Analysis, William Elliott Iii, Gina Chowa, Vernon Loke
Center for Social Development Research
It has been suggested that children’s savings programs will be more effective if they are combined with strategies to build children’s college-bound identities. In this study we use a multi-level treatment approach to propensity score analysis to test this proposition. Findings suggest that children who have savings and are certain they will graduate from a four-year college are more likely to attend college than their counterparts. Given this, we suggest that children’s savings policies designed to increase college attendance rates will be more effective if they include strategies for building children’s college-bound identity and college-bound identity programs will be more …
Reducing The College Progress Gap Between Low- To Moderate-Income (Lmi) And High-Income (Hi) Young Adults, William Elliott Iii, Monique Constance-Huggins, Hyun-A Song
Reducing The College Progress Gap Between Low- To Moderate-Income (Lmi) And High-Income (Hi) Young Adults, William Elliott Iii, Monique Constance-Huggins, Hyun-A Song
Center for Social Development Research
College progress identifies young adults who are “on course,” that is, those who are currently enrolled in, or who have a degree from, a two-year college or a four-year college. However, little is known about the impact of these factors on low-to-moderate-income (LMI) young adults. Findings suggest LMI young adults with school savings are two and half times more likely to be on course than LMI young adults without savings. Policies such as universal Child Development Accounts (CDAs) that can help adolescents accumulate savings may be a simple and effective strategy for helping to keep LMI young adults on course.
Taking Stock Of Ten Years Of Research On The Relationship Between Assets And Children's Educational Outcomes: Implications For Theory, Policy, And Intervention, William Elliott Iii, Mesmin Destin, Terri Friedline
Taking Stock Of Ten Years Of Research On The Relationship Between Assets And Children's Educational Outcomes: Implications For Theory, Policy, And Intervention, William Elliott Iii, Mesmin Destin, Terri Friedline
Center for Social Development Research
This paper has two main goals. First, we provide a review of 38 studies on the relationship between assets and children’s educational attainment. Second, we discuss implications for Child Development Accounts (CDAs) policies. CDAs have been proposed as a potentially novel and promising asset approach for helping to finance college. More specifically, we propose that CDAs should be designed so that, in addition to promoting savings, they include aspects that help make children’s college-bound identity salient, congruent with children’s group identity, and that help children develop strategies for overcoming difficulties.
The Age Old Question, Which Comes First? A Simultaneous Test Of Children's Savings And Children's College-Bound Identity, William Elliott Iii, Eun Hee Choi, Mesmin Destin, Kevin H. Kim
The Age Old Question, Which Comes First? A Simultaneous Test Of Children's Savings And Children's College-Bound Identity, William Elliott Iii, Eun Hee Choi, Mesmin Destin, Kevin H. Kim
Center for Social Development Research
This study has three goals: (1) to provide an extensive review of research on the assets/expectation relationship, (2) to provide a conceptual framework for how children’s savings effects children’s college-bound identity (children’s college expectations are a proxy for children’s college-bound identity), and (3) to conduct a simultaneous test of whether owning a savings account leads to college-bound identity or college-bound identity lead to owning a savings account using path analytic technique with Structural Equation Modeling (SEM). Our review reveals asset researchers theorize about college-bound identity in two distinct but compatible ways: college-bound identity as a “linking mechanism," and college-bound identity …