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Just Keep My Money! Supporting Tax-Time Savings with US Savings Bonds

Author

Listed:
  • Peter Tufano

Abstract

This paper reports the results of a 2007 experiment testing whether 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 US Savings Bonds with their tax refunds, augmenting the tax-site savings options offered by H&R 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. (JEL D14, H24)

Suggested Citation

  • Peter Tufano, 2011. "Just Keep My Money! Supporting Tax-Time Savings with US Savings Bonds," American Economic Journal: Economic Policy, American Economic Association, vol. 3(4), pages 172-200, November.
  • Handle: RePEc:aea:aejpol:v:3:y:2011:i:4:p:172-200
    Note: DOI: 10.1257/pol.3.4.172
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/pol.3.4.172
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    Cited by:

    1. Clinton Key & Jenna N. Tucker & Michal Grinstein-Weiss & Krista Comer, 2015. "Tax-Time Savings among Low-Income Households in the $aveNYC Program," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(3), pages 489-518, November.
    2. repec:bla:jconsa:v:51:y:2017:i:1:p:3-26 is not listed on IDEAS
    3. repec:bla:jconsa:v:51:y:2017:i:1:p:183-199 is not listed on IDEAS

    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies

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