Matched Savings Account Program Participation and Goal Completion for Low-Income Participants: Does Financial Credit Matter?

Birkenmaier, Julie; Curley, Jami; Kelly, P.V.

doi:10.1080/01488376.2013.875095

Cited by 11 publications

(21 citation statements)

References 26 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The control group received nothing during the intervention. The three studies(Birkenmaier et al, 2012(Birkenmaier et al, , 2014a(Birkenmaier et al, , 2014b used the same sample and studied the same outcome (financial credit score) using the same measure (the individual consumer credit report) at three different time periods.Overall, the risk of bias is high for these studies for sequence generation and unclear for allocation concealment, and blinding of participants and personnel. The risk of bias is low for blinding of outcome assessors, incomplete outcome data, selective outcome reporting, and other (i.e., researcher or funding allegiance bias).The first sub-study,Birkenmaier et al (2012), measured outcomes 1 year after baseline measure on the treatment (n = 78) and comparison group (n = 87), for a total sample size of n = 165.…”

mentioning

confidence: 99%

Interventions designed to improve financial capability: A systematic review

Birkenmaier

Maynard

Kim

2022

Campbell Systematic Reviews

Self Cite

View full text Add to dashboard Cite

Background There is growing recognition that people need stronger financial capability to avoid and recover from financial difficulties and poverty. Researchers are testing financial capability interventions with adults, children, immigrant populations and other groups, but little is known about the effectiveness of financial capability interventions on financial behaviour and financial outcomes. Objectives The purpose of this review is to inform practice and policy by examining and synthesizing evidence of the effects of interventions designed to improve financial capability. Financial capability interventions combine financial education and financial products and/or services. The research questions are: (a) What are the effects of interventions designed to improve financial capability on financial behaviour and financial outcomes? and (b) Does study(design), intervention (dosage, duration, type) or sample (age) characteristics relate to the magnitude of effect size? Methods We conducted two identical rounds of electronic searches for two different time periods. In Round 1 searched for studies through May, 2017 and Round 2 searched from May, 2017 through May, 2020. For both rounds, we identified and retrieved both published and unpublished studies, including conference proceedings, through a comprehensive search that included multiple electronic databases, grey literature sources, organizational websites, government websites and reference lists of reviews and relevant studies. We also conducted forward citation searching using Google Scholar to search for studies citing the included studies. We also conducted a search on Google using key terms. We hand searched the table of contents of selected journals to identify potentially eligible reports not properly indexed. Finally, experts who were study or sub‐study authors of prior studies were contacted in an attempt to obtain unpublished studies, studies in process and published studies missed in the database search. Selection Criteria To be eligible for this review, the intervention must have included a financial education component and a financial product or service. Studies must have also been conducted in any of the 35‐member countries of the OECD, and included a financial behaviour or financial outcome. To meet the criteria for delivering financial education, interventions must have delivered information about: (1) a variety of general financial concepts and behaviours, or advice about financial behaviours); (2) a specific financial topic; (3) a specific product; and/or (4) a specific service. To meet the criteria for access to a financial product or service, interventions must have facilitated access to one or more of the following: (1) a child development account; (2) a retirement account through an employer; (3) a ‘second chance’ checking account; (4) a matched savings account; (5) a financial service, such as financial counselling or coaching; (6) a bank account; (7) an investment vehicle; or (8) a home mortgage loan product. Data Collection and An...

show abstract

mentioning

confidence: 99%

Interventions designed to improve financial capability: A systematic review

Birkenmaier

Maynard

Kim

2022

Campbell Systematic Reviews

Self Cite

View full text Add to dashboard Cite

show abstract

“…A question that arises from this research is, “Why does the financial education and training offered in the IDA program not decrease food insecurity?” Several studies have now documented the failure of the IDA program to produce the expected long‐term effects on participants' asset building (i.e., Grinstein‐Weiss et al 2013a, 2013b, 10 years later), but shorter‐term follow‐ups are typically documenting beneficial effects of IDAs on participants' financial situation (Birkenmaier, Curley, and Kelly ; Grinstein‐Weiss et al ; Rothwell and Sultana ). Our study adds to this literature the finding that food insecurity is relatively high across the entire sample of survey respondents.…”

Section: Discussionmentioning

confidence: 99%

Connecting Saving and Food Security: Evidence from an Asset‐Building Program for Families in Poverty

Loibl¹,

Snyder²,

Mountain³

2016

Journal of Consumer Affairs

View full text Add to dashboard Cite

This study examines food insecurity among children of participants in a federally funded savings program in the United States, the Individual Development Account (IDA) program. We measure child food insecurity of savings program families by using the eight questions of the Current Population Survey's Food Security Supplement. About 39.4% of savings program families report food insecurity. No differences in children's food hardship between current and past program participants were identified. Examining predictors, propensity to plan for money tend to be associated with higher odds of children's food insecurity. By contrast, frugal behavior, lower material deprivation, and higher subjective well‐being tend to reduce the odds of children's food insecurity. Findings also confirm previous literature on the association of alternative financial services and higher food insecurity among children.

show abstract

“…access (e.g., having an account or being able to open one), facilitation (e.g., coaching, nudging) and expectations (e.g., having defined savings targets) could matter more than financial incentives (e.g., higher matching rates) (Sherraden, 2008). Thus, highlighting the tension between institutional approaches that deem context a more important driver of savings outcomes of matched savings programs than savers' individual characteristics (Birkenmaier et al, 2014). There are various aspects of IDA research that are relevant to this study.…”

Section: Financial Resiliency and Matched Savings Programsmentioning

confidence: 99%

Towards an Understanding of Low-Income Individuals’ Financial Resiliency: Exploration of Risk Preferences, Personality Traits, and Savings Behavior

Parra

Poudel

Sutherland

2021

JEBS

View full text Add to dashboard Cite

The Coronavirus disease 2019 (COVID-19) pandemic has helped expose and exacerbate individuals’ and households’ financial vulnerability worldwide. Meanwhile, behavioral elements affecting low-income populations’ ability to save and become more financially resilient have yet to receive sufficient academic attention. This exploratory study aims at the beginning to help elucidate the determinants of low-income individuals’ real-life savings behavior by utilizing laboratory performance measures (to characterize participants’ risk preferences by using the Balloon Analog Risk Task – BART, in study 1), as well as self-report surveys (to characterize participants’ personality traits, in study 2). Combining results from both studies, latent personality traits (i.e., attitude towards risk, perseverance, distractibility, and state anxiety) are found to affect the risk preferences of low-income individuals (captured using a novel BART performance measure indicative of an individual’s strategic risk preference adaptation), which in turn impact their ability to successfully complete matched savings programs and, thus, their ability to save and enhance their financial resilience.

show abstract

Matched Savings Account Program Participation and Goal Completion for Low-Income Participants: Does Financial Credit Matter?

Cited by 11 publications

References 26 publications

Interventions designed to improve financial capability: A systematic review

Interventions designed to improve financial capability: A systematic review

Connecting Saving and Food Security: Evidence from an Asset‐Building Program for Families in Poverty

Towards an Understanding of Low-Income Individuals’ Financial Resiliency: Exploration of Risk Preferences, Personality Traits, and Savings Behavior

Contact Info

Product

Resources

About