TY - JOUR
T1 - Does Prior Banking Experience Matter? Differences of the Banked and Unbanked in Individual Development Accounts
AU - Grinstein-Weiss, Michal
AU - Yeo, Yeong H.
AU - Despard, Mathieu R.
AU - Casalotti, Adriane M.
AU - Zhan, Min
N1 - Funding Information:
Acknowledgments The authors wish to thank the following foundations for support of this paper: the Ford Foundation, Charles Stewart Mott Foundation, FB Heron Foundation, and Metropolitan Life Foundation for funding ADD research; HUD for the Early Dissertation Grant; the IDA program staff at the 14 research sites of the American Dream Demonstration (ADD); the Corporation for Enterprise Development for implementing ADD; Michael Sherraden, director of the Center for Social Development, Lissa Johnson, ADD research project manager; Margaret Clancy, for ensuring quality of the monitoring data; and Mark Schreiner for data management and preparation. Finally, the paper greatly benefited from the comments of Diane Wyant, Susanna Birdsong, and Roderick Rose.
Copyright:
Copyright 2010 Elsevier B.V., All rights reserved.
PY - 2010
Y1 - 2010
N2 - Using data from the 4-year American Dream Demonstration, this study compares saving performance and program participation of banked (n = 1,538) and unbanked participants (n = 466) enrolled in 14 IDA programs. The study shows banked participants had S$2.74 higher average monthly net deposit (p < 0.05); 5% higher deposit frequency (p < 0.001); and 42% less odds of drop out than unbanked participants (p < 0.001). Moreover, program characteristics such as financial education, monthly saving targets, peer group meetings, and direct deposit are important predictors of program performances. Individual characteristics such as race/ethnicity, home ownership, and income are significantly associated with program performance.
AB - Using data from the 4-year American Dream Demonstration, this study compares saving performance and program participation of banked (n = 1,538) and unbanked participants (n = 466) enrolled in 14 IDA programs. The study shows banked participants had S$2.74 higher average monthly net deposit (p < 0.05); 5% higher deposit frequency (p < 0.001); and 42% less odds of drop out than unbanked participants (p < 0.001). Moreover, program characteristics such as financial education, monthly saving targets, peer group meetings, and direct deposit are important predictors of program performances. Individual characteristics such as race/ethnicity, home ownership, and income are significantly associated with program performance.
KW - Asset building
KW - Banked
KW - IDAs
KW - Savings
KW - Unbanked
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U2 - 10.1007/s10834-010-9184-5
DO - 10.1007/s10834-010-9184-5
M3 - Article
AN - SCOPUS:77955848229
SN - 1058-0476
VL - 31
SP - 212
EP - 227
JO - Journal of Family and Economic Issues
JF - Journal of Family and Economic Issues
IS - 2
ER -