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 |
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| creator | Grinstead, Mary L Mauldin, Teresa Sabia, Joseph J Koonce, Joan Palmer, Lance |
| description | 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] |
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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. 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| subjects | 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 |
| title | Saving for Success: Financial Education and Savings Goal Achievement in Individual Development Accounts |
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