Experimental Effects of Child Development Accounts on Financial Capability of Young Mothers
In the financial capability policy known as Child Development Accounts (CDAs), investment accounts with incentives enable families to accumulate assets for children’s development and to achieve life-cycle goals. With data from SEED for Oklahoma Kids (SEED OK), a randomized statewide policy experimen...
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| Veröffentlicht in: | Journal of family and economic issues 2022-03, Vol.43 (1), p.36-50 |
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| creator | Huang, Jin Sherraden, Margaret S. Sherraden, Michael Johnson, Lissa |
| description | In the financial capability policy known as Child Development Accounts (CDAs), investment accounts with incentives enable families to accumulate assets for children’s development and to achieve life-cycle goals. With data from SEED for Oklahoma Kids (SEED OK), a randomized statewide policy experiment, we examine the effects of a CDA intervention on the use of mainstream financial products among young mothers aged 18–24 (
N
= 825; treatment = 410 and control = 415). Results suggest that, 4 years after implementation of the CDA, asset- and debt-product use was higher among young mothers in the treatment group than among their counterparts in the control group. The treatment–control difference in the use of financial products partially results from the combination of young treatment mothers’ access to the CDA policy, financial knowledge, and financial skills. The CDA policy creates opportunities for them to practice financial knowledge and skills, and has positive impacts on financial capability. This is the first experimental study to test the effects of CDAs on financial capability. Findings indicate that asset-building policy maybe an effective mechanism for delivering financial capability services (such as financial education, financial counseling, and financial coaching) to children and families. |
| doi_str_mv | 10.1007/s10834-021-09774-4 |
| format | Article |
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N
= 825; treatment = 410 and control = 415). Results suggest that, 4 years after implementation of the CDA, asset- and debt-product use was higher among young mothers in the treatment group than among their counterparts in the control group. The treatment–control difference in the use of financial products partially results from the combination of young treatment mothers’ access to the CDA policy, financial knowledge, and financial skills. The CDA policy creates opportunities for them to practice financial knowledge and skills, and has positive impacts on financial capability. This is the first experimental study to test the effects of CDAs on financial capability. Findings indicate that asset-building policy maybe an effective mechanism for delivering financial capability services (such as financial education, financial counseling, and financial coaching) to children and families.</description><identifier>ISSN: 1058-0476</identifier><identifier>EISSN: 1573-3475</identifier><identifier>DOI: 10.1007/s10834-021-09774-4</identifier><language>eng</language><publisher>New York: Springer US</publisher><subject>Accounts ; Adolescent mothers ; Assets ; Child development ; Children ; Coaching ; Counseling ; Economic development ; Families & family life ; Family ; Life goals ; Mothers ; Original Paper ; Personality and Social Psychology ; Skills ; Social Policy ; Social Sciences ; Sociology ; Young mothers</subject><ispartof>Journal of family and economic issues, 2022-03, Vol.43 (1), p.36-50</ispartof><rights>The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2021</rights><rights>The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2021.</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c352t-f1688de9b27cff6b27b24862dc08874e0f18a73f5c3a1ab8f35f8c6cacf76f223</citedby><cites>FETCH-LOGICAL-c352t-f1688de9b27cff6b27b24862dc08874e0f18a73f5c3a1ab8f35f8c6cacf76f223</cites><orcidid>0000-0002-0124-8791</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://link.springer.com/content/pdf/10.1007/s10834-021-09774-4$$EPDF$$P50$$Gspringer$$H</linktopdf><linktohtml>$$Uhttps://link.springer.com/10.1007/s10834-021-09774-4$$EHTML$$P50$$Gspringer$$H</linktohtml><link.rule.ids>314,776,780,27321,27901,27902,33751,41464,42533,51294</link.rule.ids></links><search><creatorcontrib>Huang, Jin</creatorcontrib><creatorcontrib>Sherraden, Margaret S.</creatorcontrib><creatorcontrib>Sherraden, Michael</creatorcontrib><creatorcontrib>Johnson, Lissa</creatorcontrib><title>Experimental Effects of Child Development Accounts on Financial Capability of Young Mothers</title><title>Journal of family and economic issues</title><addtitle>J Fam Econ Iss</addtitle><description>In the financial capability policy known as Child Development Accounts (CDAs), investment accounts with incentives enable families to accumulate assets for children’s development and to achieve life-cycle goals. With data from SEED for Oklahoma Kids (SEED OK), a randomized statewide policy experiment, we examine the effects of a CDA intervention on the use of mainstream financial products among young mothers aged 18–24 (
N
= 825; treatment = 410 and control = 415). Results suggest that, 4 years after implementation of the CDA, asset- and debt-product use was higher among young mothers in the treatment group than among their counterparts in the control group. The treatment–control difference in the use of financial products partially results from the combination of young treatment mothers’ access to the CDA policy, financial knowledge, and financial skills. The CDA policy creates opportunities for them to practice financial knowledge and skills, and has positive impacts on financial capability. This is the first experimental study to test the effects of CDAs on financial capability. 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N
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| issn | 1058-0476 1573-3475 |
| language | eng |
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| source | SpringerLink Journals; Sociological Abstracts |
| subjects | Accounts Adolescent mothers Assets Child development Children Coaching Counseling Economic development Families & family life Family Life goals Mothers Original Paper Personality and Social Psychology Skills Social Policy Social Sciences Sociology Young mothers |
| title | Experimental Effects of Child Development Accounts on Financial Capability of Young Mothers |
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