Saving for Success: Financial Education and Savings Goal Achievement in Individual Development Accounts

Saving for Success: Financial Education and Savings Goal Achievement in Individual Development Accounts

Using microdata from the American Dream Demonstration, the current study examines factors associated with savings and savings goal achievement (indicated by a matched withdrawal) among participants of individual development account (IDA) programs. Multinomial logit results show that hours of partici...

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Veröffentlicht in:Financial counseling and planning 2011, Vol.22 (2), p.28
Hauptverfasser: Grinstead, Mary L, Mauldin, Teresa, Sabia, Joseph J, Koonce, Joan, Palmer, Lance
Format: Artikel
Sprache:eng
Schlagworte:
Achievement Need
Asset acquisitions
Banking
Behavioral Science Research
Consumer Economics
Control Groups
Counseling Effectiveness
Counseling Services
Education
Educational Attainment
Financial counseling
Financial literacy
Financial Services
Goal Orientation
Goal setting
Individual Characteristics
Literacy Education
Low income groups
Matched Groups
Money Management
Objectives
Participation
Performance Factors
Personal finance
Predictor Variables
Public assistance programs
Regression analysis
Savings accounts
Small business
Social change
Studies
Subsidies
Success
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Zusammenfassung:Using microdata from the American Dream Demonstration, the current study examines factors associated with savings and savings goal achievement (indicated by a matched withdrawal) among participants of individual development account (IDA) programs. Multinomial logit results show that hours of participation in financial education programs, higher matched caps, prior use of a savings account, and greater educational attainment are each associated with a greater likelihood of savings and savings goal achievement. IDA programs need to maximize available resources, particularly financial education, to assist participants in achieving savings goals. [PUBLICATION ABSTRACT]
ISSN:1052-3073