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The role of identity-based motivation and solution-focus brief therapy in unifying accounts and financial education in school-related CDA programs

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  • Elliott, William
  • Kim, Johnny S.
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    Abstract

    This article focuses on unifying, seemingly at times, disparate aspects of school-related Child Development Account (CDA) programs in order to maximize their effects. Account ownership and financial education are the two key components of school-related CDA programs. Despite this most of the focus by asset theorists and researchers has been on the account ownership side of CDAs. To unify these two components we use identity-based motivation (IBM) theory. Further, we suggest that early experience with money failures and lack of positive role models results in many lower income and minority children entering CDA programs with low financial efficacy. Because of low financial efficacy, we suggest that in order for financial education programs to be successful among lower income and minority children they need to be designed to address this reality. We posit that a way to address the reality of lower income and minority students is to adopt solution-focus brief therapy (SFBT) techniques. These techniques can be used to teach financial education instructors how to build positive financial efficacy beliefs among lower income and minority children.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0190740913000108
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    Bibliographic Info

    Article provided by Elsevier in its journal Children and Youth Services Review.

    Volume (Year): 35 (2013)
    Issue (Month): 3 ()
    Pages: 402-410

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    Handle: RePEc:eee:cysrev:v:35:y:2013:i:3:p:402-410

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    Web page: http://www.elsevier.com/locate/childyouth

    Related research

    Keywords: Child Development Accounts; Identity-based motivation; Solution-focused brief therapy; Financial education; Financial capability;

    References

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    1. Annamaria Lusardi & Olivia S. Mitchell & Vilsa Curto, 2009. "Financial Literacy among the Young: Evidence and Implications for Consumer Policy," CeRP Working Papers 91, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    2. Annamaria Lusardi & Daniel Schneider & Peter Tufano, 2011. "Financially Fragile Households: Evidence and Implications," CeRP Working Papers 116, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    3. Beverly, Sondra G. & Sherraden, Michael, 1999. "Institutional determinants of saving: implications for low-income households and public policy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 28(4), pages 457-473.
    4. Tzu-Chin Peng & Suzanne Bartholomae & Jonathan Fox & Garrett Cravener, 2007. "The Impact of Personal Finance Education Delivered in High School and College Courses," Journal of Family and Economic Issues, Springer, vol. 28(2), pages 265-284, June.
    5. Sen, Amartya, 1995. "Inequality Reexamined," OUP Catalogue, Oxford University Press, number 9780198289289.
    6. Bernheim, B. Douglas & Garrett, Daniel M. & Maki, Dean M., 2001. "Education and saving:: The long-term effects of high school financial curriculum mandates," Journal of Public Economics, Elsevier, vol. 80(3), pages 435-465, June.
    7. Margaret Sherraden & Lissa Johnson & Baorong Guo & William Elliott, 2011. "Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Program," Journal of Family and Economic Issues, Springer, vol. 32(3), pages 385-399, September.
    8. Annamaria Lusardi & Daniel J. Schneider & Peter Tufano, 2011. "Financially Fragile Households: Evidence and Implications," NBER Working Papers 17072, National Bureau of Economic Research, Inc.
    9. Sherrie L. W. Rhine & William H. Greene & Maude Toussaint-Comeau, 2006. "The Importance of Check-Cashing Businesses to the Unbanked: Racial/Ethnic Differences," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 146-157, February.
    10. Scott Bowman, 2011. "Multigenerational Interactions in Black Middle Class Wealth and Asset Decision Making," Journal of Family and Economic Issues, Springer, vol. 32(1), pages 15-26, March.
    11. Richard H. Thaler, 2008. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 27(1), pages 15-25, 01-02.
    12. Elliott, William & Sherraden, Margaret & Johnson, Lissa & Guo, Baorong, 2010. "Young children's perceptions of college and saving: Potential role of Child Development Accounts," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1577-1584, November.
    13. Elliott, William & Destin, Mesmin & Friedline, Terri, 2011. "Taking stock of ten years of research on the relationship between assets and children's educational outcomes: Implications for theory, policy and intervention," Children and Youth Services Review, Elsevier, vol. 33(11), pages 2312-2328.
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