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Enhancing Financial Capability: TANF Bank Accounts

In: A Fragile Balance

Author

Listed:
  • Karan Gill
  • Dana Mills
  • Margaret McKenna

Abstract

This chapter proposes interventions to assist Temporary Assistance for Needy Families (TANF) recipients in developing financial capabilities and long-term saving behaviors. The proposed mechanism connects TANF participants, during the intake process and by default, to a low-fee or no-fee TANF bank account. Low- and moderate-income (LMI) families, especially those receiving public assistance benefits, face significant barriers to accessing and sustaining bank accounts at conventional financial institutions. Nationally, 28 percent of households with incomes less than $15,000 are unbanked, as are 12 percent of households with incomes between $15,000 and $30,000. In addition, the percentages of households that are underbanked are 22 and 26 percent in these two income groups, respectively (Burhouse and Osaki 2012). Underbanked households have bank accounts but also use nonbanking financial services such as payday loans. Families need both better access to financial services and concrete opportunities to build their financial knowledge and skills.

Suggested Citation

  • Karan Gill & Dana Mills & Margaret McKenna, 2015. "Enhancing Financial Capability: TANF Bank Accounts," Palgrave Macmillan Books, in: J. Michael Collins (ed.), A Fragile Balance, chapter 0, pages 107-123, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-48237-2_7
    DOI: 10.1057/9781137482372_7
    as

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