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Perceived facilitators and barriers to saving among low-income youth


  • Wheeler-Brooks, Jennifer
  • Scanlon, Edward


Asset-based social welfare programs focus on helping low- to moderate-income citizens to accumulate wealth in the form of homeownership, savings, small businesses, and higher education. Individual development accounts, savings accounts in which account holders' deposits are matched, are a vehicle often used in these programs. In a national demonstration of individual development accounts for children (children's savings accounts), low-income youth were interviewed to learn what helped them to save and what made it difficult to save. We describe the young people's perceptions of these factors, and conclude with implications for policy and program design.

Suggested Citation

  • Wheeler-Brooks, Jennifer & Scanlon, Edward, 2009. "Perceived facilitators and barriers to saving among low-income youth," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(5), pages 757-763, October.
  • Handle: RePEc:eee:soceco:v:38:y:2009:i:5:p:757-763

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    References listed on IDEAS

    1. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Journal of Economic Literature, American Economic Association, vol. 34(4), pages 1797-1855, December.
    2. Amanda Moore & Sondra Beverly & Mark Schreiner & Michael Sherraden & Margaret Lombe & Esther Y. N. Cho & Lissa Johnson & Rebecca Vonderlack, 2001. "Saving, IDA Programs, and Effects of IDAs: A Survey of Participants," Microeconomics 0108002, EconWPA, revised 27 Dec 2001.
    3. Furnham, Adrian, 1999. "The saving and spending habits of young people," Journal of Economic Psychology, Elsevier, vol. 20(6), pages 677-697, December.
    4. Elliott III, William, 2009. "Children's college aspirations and expectations: The potential role of children's development accounts (CDAs)," Children and Youth Services Review, Elsevier, vol. 31(2), pages 274-283, February.
    5. 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.
    6. Shefrin, Hersh M & Thaler, Richard H, 1988. "The Behavioral Life-Cycle Hypothesis," Economic Inquiry, Western Economic Association International, vol. 26(4), pages 609-643, October.
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    Cited by:

    1. Wheeler-Brooks, Jennifer, 2011. "How parents decide to participate and save in their children's asset-building accounts: Implications for practice, policy, and theory," Children and Youth Services Review, Elsevier, vol. 33(6), pages 955-962, June.
    2. Gina Chowa & Mathieu Despard, 2014. "The Influence of Parental Financial Socialization on Youth’s Financial Behavior: Evidence from Ghana," Journal of Family and Economic Issues, Springer, vol. 35(3), pages 376-389, September.
    3. repec:kap:jfamec:v:38:y:2017:i:3:d:10.1007_s10834-017-9519-6 is not listed on IDEAS
    4. repec:eee:cysrev:v:81:y:2017:i:c:p:178-187 is not listed on IDEAS
    5. Annette Otto & Paul Webley, 2016. "Saving, Selling, Earning, and Negotiating: How Adolescents Acquire Monetary Lump Sums and Who Considers Saving," Journal of Consumer Affairs, Wiley Blackwell, vol. 50(2), pages 342-371, July.
    6. Okech, David, 2013. "The independent effects of socio-demographic and programmatic factors on economic strain among parents in a Child Savings Accounts program," Children and Youth Services Review, Elsevier, vol. 35(6), pages 950-959.
    7. Terri Friedline & Mary Rauktis, 2014. "Young People Are the Front Lines of Financial Inclusion: A Review of 45 Years of Research," Journal of Consumer Affairs, Wiley Blackwell, vol. 48(3), pages 535-602, October.
    8. Terri Friedline & Stacia West, 2016. "Financial Education is not Enough: Millennials May Need Financial Capability to Demonstrate Healthier Financial Behaviors," Journal of Family and Economic Issues, Springer, vol. 37(4), pages 649-671, December.


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