Just Keep My Money! Supporting Tax-time Savings with US Savings Bonds
AbstractThis paper reports the results of a 2007 experiment testing if specific process simplification can foster increased take-up rates for savings products, particularly by low-to-moderate income (LMI) households. Tax refund recipients at certain H&R Block tax preparation offices were given the option to purchase U.S. Savings Bonds with their tax refunds, augmenting the tax-site savings options offered by Block. Those who received the savings bond offer were substantially more likely to purchase a savings product on-site than those who didn't, even after controlling for client demographics. Much of this take-up was directed at intra-family gifting, or asset building on behalf of children.
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Bibliographic InfoPaper provided by Harvard Business School in its series Harvard Business School Working Papers with number 09-059.
Length: 40 pages
Date of creation: Oct 2008
Date of revision: Aug 2010
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-10-28 (All new papers)
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