Saving for Success: Financial Education and Savings Goal Achievement in Individual Development Accounts

13 Pages Posted: 2 Feb 2012

See all articles by Mary Grinstead

Mary Grinstead

affiliation not provided to SSRN

Teresa Mauldin

University of Georgia

Joseph J. Sabia

San Diego State University - Department of Economics

Joan Koonce Moss

affiliation not provided to SSRN

Lance Palmer

University of Georgia

Date Written: January 31, 2012

Abstract

Using microdata from the American Dream Demonstration, the current study examines factors associated with savings and savings goal achievement (indicated by a matched withdrawal) among participants of individual development account (IDA) programs. Multinomial logit results show that hours of participation in financial education programs, higher matched caps, prior use of a savings account, and greater educational attainment are each associated with a greater likelihood of savings and savings goal achievement. IDA programs need to maximize available resources, particularly financial education, to assist participants in achieving savings goals.

Keywords: financial education, IDAs, low-income, savings

Suggested Citation

Grinstead, Mary and Mauldin, Teresa and Sabia, Joseph J. and Moss, Joan Koonce and Palmer, Lance, Saving for Success: Financial Education and Savings Goal Achievement in Individual Development Accounts (January 31, 2012). Available at SSRN: https://ssrn.com/abstract=1996707 or http://dx.doi.org/10.2139/ssrn.1996707

Mary Grinstead (Contact Author)

affiliation not provided to SSRN ( email )

Teresa Mauldin

University of Georgia ( email )

Athens, GA 30602-6254
United States

Joseph J. Sabia

San Diego State University - Department of Economics ( email )

5500 Campanile Drive
San Diego, CA 92182
United States

Joan Koonce Moss

affiliation not provided to SSRN

Lance Palmer

University of Georgia ( email )

United States

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