Initial elementary education findings from Promise Indiana's Children's savings account program

Combining children's savings account programs with scholarship programs: Effects on math and reading scores

“…This study also found that being a saver is associated with children's math scores but not their reading scores, which contradicts with findings from Elliott et al (2018)'s study that being part of a CSA program and being a saver (i.e., contributing to the account) is associated with improved reading scores but not math scores. Such discrepancy may due to the fact that the program under study of Elliott et al (2018) did not have a scholarship component, and participants were younger than those in current study. However, both studies found significant, positive association between program participation and educational outcomes when examining low-income children.…”

“…Studies that use savings in a bank account as a proxy for taking part in a CSA program typically find a positive, significant relationship with children's educational outcomes (e.g., Elliott, 2009). In contrast, using data from a CSA program, Elliott et al (2018) find little evidence that mere participation in the CSA program is significantly related to math or reading scores when examining the full sample (i.e., not separating out low-income children) of participants. Differences might stem from the fact that, unlike traditional standalone CSA programs, the Promise Scholarship program provides financial incentives specifically designed to improve children's educational outcomes.…”

“…This underscores the importance of CSAs in supporting low-income children who are able to equitably benefit from the intervention. More recently, Elliott, Kite, O'Brien, Lewis, and Palmer (2018) analyze achievement for the full sample of children and those eligible for free or reduced-price lunch. Results from the full sample revealed effects of CSAs were stronger for the subsample of students eligible for free or reduced priced lunch.…”

“…Interventions that give students and their family College Saving Accounts (CSAs) is an emerging social policy intended to promote high academic achievement and increase access into higher education among low-income families. CSAs are long-term, incentivized savings or investment accounts for postsecondary education intended to influence college access, college affordability, and accruing financial wealth so that students are better positioned for success after they graduate from college (Elliott et al, 2018).…”

Association between Children’s Saving Account and Parent Rated Children’s Health: A Preliminary Study

“…For example, a randomized experiment conducted by the Center for Social Development, SEED for Oklahoma Kids (SEED OK), has shown a causal relationship between CSAs and higher parental educational expectations, especially among low-income families (Kim, Sherraden, Huang, & Clancy, 2015). Correlational studies using national data sets have found that children who have savings set aside for college have higher math scores (Elliott, Kite, O'Brien, Lewis, & Palmer, 2018), higher educational expectations (Elliott, 2009), and are more likely to attend and complete college (Elliott, 2013). A recent randomized experiment in Italy further evidenced the causal relationship between CSAs and college enrollment as well as performance while in college (Azzonlini et al, 2018).…”