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Saving, IDA Programs, and Effects of IDAs: A Survey of Participants

Author

Listed:
  • Amanda Moore

    (Washington University in St. Louis)

  • Sondra Beverly

    (University of Kansas)

  • Mark Schreiner

    (WUSTL)

  • Michael Sherraden

    (WUSTL)

  • Margaret Lombe

    (WUSTL)

  • Esther Y. N. Cho

    (WUSTL)

  • Lissa Johnson

    (WUSTL)

  • Rebecca Vonderlack

    (WUSTL)

Abstract

Individual Development Accounts (IDAs) are special savings accounts designed to help people build assets to reach life goals and to achieve long-term security. Account-holders receive matching funds as they save for purposes such as buying a first home, attending job training, going to college, or financing a small business. Research has shown that most low-income participants save in IDAs (Sherraden et al., 2000). But what do participants think about the match rates, the withdrawal restrictions, and other institutional attributes of IDAs? How do they manage to set aside money for IDA deposits? And what effects do they perceive from their participation in IDA programs? This report uses cross-sectional survey data from current (N=298) and former (N=20) IDA participants in the American Dream Demonstration to address these and other questions.

Suggested Citation

  • 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.
  • Handle: RePEc:wpa:wuwpmi:0108002
    Note: Type of Document - Adobe Acrobat 3.0; prepared on Windows 98; to print on Adobe Acrobat 3.0; pages: 65 ; figures: Included in pdf file
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    File URL: http://econwpa.repec.org/eps/mic/papers/0108/0108002.pdf
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    References listed on IDEAS

    as
    1. E. J. Bird & P. A. Hagstrom & R. Wild, "undated". "Credit Cards and the Poor," Institute for Research on Poverty Discussion Papers 1148-97, University of Wisconsin Institute for Research on Poverty.
    2. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Johnson, Toni & Adams, Deborah & Kim, Johnny S., 2010. "Mapping the perspectives of low-income parents in a children's college savings account program," Children and Youth Services Review, Elsevier, vol. 32(1), pages 129-136, January.
    2. Williams Shanks, Trina R. & Kim, Youngmi & Loke, Vernon & Destin, Mesmin, 2010. "Assets and child well-being in developed countries," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1488-1496, November.
    3. Curley, Jami & Ssewamala, Fred & Han, Chang-Keun, 2010. "Assets and educational outcomes: Child Development Accounts (CDAs) for orphaned children in Uganda," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1585-1590, November.
    4. 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.
    5. Rist, Carl & Humphrey, Liana, 2010. "City and community innovations in CDAs: The role of community-based organizations," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1520-1527, November.
    6. Grinstein-Weiss, Michal & Williams Shanks, Trina R. & Manturuk, Kim R. & Key, Clinton C. & Paik, Jong-Gyu & Greeson, Johann K.P., 2010. "Homeownership and parenting practices: Evidence from the community advantage panel," Children and Youth Services Review, Elsevier, vol. 32(5), pages 774-782, May.
    7. Meyer, Jeff & Masa, Rainier D. & Zimmerman, Jamie M., 2010. "Overview of Child Development Accounts in developing countries," Children and Youth Services Review, Elsevier, vol. 32(11), pages 1561-1569, November.
    8. Scanlon, Edward & Buford, Andrea & Dawn, Kenneth, 2009. "Matched savings accounts: A study of youths' perceptions of program and account design," Children and Youth Services Review, Elsevier, vol. 31(6), pages 680-687, June.

    More about this item

    Keywords

    Individual Development Accounts; asset effects; financial literacy; savings incentives;

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • L3 - Industrial Organization - - Nonprofit Organizations and Public Enterprise
    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate

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