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A Framework of Asset-Accumulation Stages and Strategies

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Author Info
Sondra Beverly (University of Kansas)
Amanda Moore (Washington University in St. Louis)
Mark Schreiner (Washington University in St. Louis)

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Abstract

We propose that asset accumulation occurs in three stages. In the first stage (reallocation), current resource inflows must exceed current outflows. To meet this objective, people reallocate resources from current consumption, current leisure, or future consumption or leisure. In the second stage (conversion), people may convert resources from liquid to illiquid forms. In the third stage (maintenance), individuals resist temptations to dissave. We suggest that people adopt psychological and behavioral strategies to achieve each of these objectives. Putting the two types of strategies together with the three stages of asset accumulation results in six strategy groups. We provide examples of each strategy group and discuss implications related to encouraging account ownership among the unbanked, improving asset- accumulation programs, and improving financial-education curricula.

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Paper provided by EconWPA in its series Development and Comp Systems with number 0109004.

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Date of creation: 05 Sep 2001
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Handle: RePEc:wpa:wuwpdc:0109004

Note: Type of Document - Adobe Acrobat 3.0; prepared on Windows 98; to print on Adobe Acrobat 3.0; pages: ; figures: Included in pdf file
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Related research
Keywords: Saving; asset accumulation; self-constraint; pyschological savings strategies;

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Find related papers by JEL classification:
O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
I3 - Health, Education, and Welfare - - Welfare and Poverty
N3 - Economic History - - Labor and Consumers, Demography, Education, Income, and Wealth
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Philip Bond & Robert Townsend, 1996. "Formal and informal financing in a Chicago neighborhood," Economic Perspectives, Federal Reserve Bank of Chicago, issue Jul, pages 3-27. [Downloadable!]
  2. Shefrin, Hersh M & Thaler, Richard H, 1988. "The Behavioral Life-Cycle Hypothesis," Economic Inquiry, Oxford University Press, vol. 26(4), pages 609-43, October.
  3. V. Joseph Hotz & John Karl Scholz, 2001. "The Earned Income Tax Credit," NBER Working Papers 8078, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Thaler, Richard H, 1990. "Saving, Fungibility, and Mental Accounts," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 193-205, Winter. [Downloadable!] (restricted)
  5. Rebecca Vonderlack & Mark Schreiner, 2001. "Women, Microfinance, and Savings: Lessons and Proposals," Development and Comp Systems 0108004, EconWPA, revised 27 Dec 2001. [Downloadable!]
  6. Arthur B. Kennickell & Martha Starr-McCluer & Annika E. Sunden, 1996. "Saving and financial planning: some findings from a focus group," Finance and Economics Discussion Series 96-1, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  7. Thaler, Richard H & Shefrin, H M, 1981. "An Economic Theory of Self-Control," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 392-406, April. [Downloadable!] (restricted)
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  1. Mark Schreiner & Michael Sherraden & Margaret Clancy & Lissa Johnson & Jami Curley & Min Zahn & Sondra Beverly & Michal Grinstein-Weiss, 2001. "Asset Accumulation in Low-Resource Households: Evidence from Individual Development Accounts," Microeconomics 0108001, EconWPA, revised 27 Dec 2001. [Downloadable!]
    Other versions:
  2. Rebecca Vonderlack & Mark Schreiner, 2001. "Women, Microfinance, and Savings: Lessons and Proposals," Development and Comp Systems 0108004, EconWPA, revised 27 Dec 2001. [Downloadable!]
  3. Jane Kolodinsky & Caryl Stewart & Antonia Bullard, 2006. "Measuring Economic and Social Impacts of Membership in a Community Development Financial Institution," Journal of Family and Economic Issues, Springer, vol. 27(1), pages 27-47, April. [Downloadable!] (restricted)
  4. Margaret Clancy & Michal Grinstein-Weiss & Mark Schreiner, 2001. "Financial Education and Savings Outcomes in Individual Development Accounts," HEW 0108001, EconWPA, revised 27 Dec 2001. [Downloadable!]
  5. Jeffrey Dew, 2007. "Two Sides of the Same Coin? The Differing Roles of Assets and Consumer Debt in Marriage," Journal of Family and Economic Issues, Springer, vol. 28(1), pages 89-104, March. [Downloadable!] (restricted)
  6. Rebecca Haynes-Bordas & D. Kiss & Tansel Yilmazer, 2008. "Effectiveness of Financial Education on Financial Management Behavior and Account Usage: Evidence from a ‘Second Chance’ Program," Journal of Family and Economic Issues, Springer, vol. 29(3), pages 362-390, September. [Downloadable!] (restricted)
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