Savings And Asset Accumulation In Individual Development Accounts
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Can The Poor Save
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Author : Michael Sherraden
language : en
Publisher: Routledge
Release Date : 2017-09-08
Can The Poor Save written by Michael Sherraden and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-08 with Business & Economics categories.
Many policymakers argue that the best poverty policy not only provides cash to the poor for subsistence but also incentives and structures that encourage long-term social and economic improvement. As part of this, they make the case for Individual Development Accounts (IDAs), a new policy proposal designed to help the poor save and to build assets. This book explores IDAs to determine their effectiveness. IDAs are matched savings accounts targeted on low-income, low-wealth individuals. Savings in IDAs are used for home ownership, post-secondary education, small business development, and other purposes. Do IDAs work? If they do, for whom? And does how an IDA is designed determine savings outcomes? This volume is the first analysis of matched savings by the poor to use data from monthly bank statements. It comes at a critical time, as debate rages over the merits of individual social security accounts. IDAs also respond to policy that is becoming more asset based and less inclusive of the poor. The authors argue for the efficacy of IDAs to counter this tendency. They find that while savings outcomes vary among participants, no characteristics (such as low income or public assistance) preclude saving. They examine effects of IDA design (the match rate, savings targets, and the use of automatic transfer) on savings results and analyze factors that influence varying rates of saving and spending over time. They conclude that financial education and other support services, though costly, improve savings performance. To address the issue of cost they suggest a two-tier system of IDA design, one with broad access and simple services and the other with targeted access and intensive services. Can the Poor Save? offers a wealth of lessons to those interested in saving and asset accumulation among the poor. It not only breaks new ground in the scientific study of savings behavior, but also offers concrete, evidence-based recommendations to improve policies designed to encourage the poor to save and how to make such policies more inclusive.
Savings And Asset Accumulation In Individual Development Accounts
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Author :
language : en
Publisher:
Release Date : 2001
Savings And Asset Accumulation In Individual Development Accounts written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Bank accounts categories.
Asset Building And Low Income Families
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Author : Signe-Mary McKernan
language : en
Publisher: The Urban Insitute
Release Date : 2008
Asset Building And Low Income Families written by Signe-Mary McKernan and has been published by The Urban Insitute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Low-income families have scant savings to cushion a job loss or illness, and can find economic mobility impossible without funds to invest in education, homes, or businesses. And though a lack of resources leaves such families vulnerable, income-support programs are often closed to those with a bit of savings or even a car. Considering welfare-to-work reforms, the increasingly advanced skill demands of the American workforce, and our stretched Social Security system, such an approach is inadequate to lift families out of poverty. Asset-based policies--allowing or even helping low-income families build wealth--are an increasingly popular strategy to facilitate financial stability.
Assets For The Poor
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Author : Thomas M. Shapiro
language : en
Publisher: Russell Sage Foundation
Release Date : 2001-05-17
Assets For The Poor written by Thomas M. Shapiro and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-05-17 with Social Science categories.
Over the past three decades, average household wealth in the United States has declined among all but the richest families, with a near 80 percent drop among the nation's poorest families. Although the national debate about inequality has focused on income, it is wealth—the private assets amassed and passed on within families—that provides the extra economic cushion needed to move beyond mere day-to-day survival. Assets for the Poor is the first full-scale investigation into the importance of family wealth and the need for policies to encourage asset-building among the poor. Assets for the Poor shows how institutional mechanisms designed to encourage acquisition of capital and property favor middle-class and high-income families. For example, the aggregate value of home mortgage tax deductions far outweighs the dollar amount of the subsidies provided by Section 8 rental vouchers and public housing. Banking definitions of creditworthiness largely exclude minorities, and welfare rules have made it nearly impossible for single mothers to accumulate savings, let alone stocks or real estate. Due to persistent residential segregation, even those minority families who do own homes are often denied equal access to better schools and public services. The research in this volume shows that the poor do make use of the assets they have. Cash gifts—although small in size—are frequent within families and often lead to such positive results as homebuying and debt reduction, while tangible assets such as tools and cars help increase employment prospects. Assets for the Poor examines policies such as Individual Development Account tax subsidies to reward financial savings among the poor, and more liberal credit rules to make borrowing easier and less costly. The contributors also offer thoughtful advice for bringing the poor into mainstream savings institutions and warn against developing asset building policies at the expense of existing safety net programs. Asset-building for low-income families is a powerful idea that offers hope to families searching for a way out of poverty. Assets for the Poor challenges current thinking regarding poverty reduction policies and proposes a major shift in the way we think about families and how they make a better life. A Volume in the Ford Foundation Series on Asset Building
Saving Patterns In Individual Development Account Programs
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Author :
language : en
Publisher:
Release Date : 2000
Saving Patterns In Individual Development Account Programs written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Economic assistance, Domestic categories.
Inclusive Child Development Accounts
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Author : Jin Huang
language : en
Publisher: Routledge
Release Date : 2020-05-21
Inclusive Child Development Accounts written by Jin Huang and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-21 with Social Science categories.
Inclusive Child Development Accounts showcases the global context of emerging asset-building policies and programmes around Child Development Accounts. Child Development Accounts (CDAs) are subsidized accounts that enable families to accumulate assets to invest in children’s development and life goals, such as postsecondary education, homeownership, business development, and retirement security. The vision for CDAs is to be universal (meaning everyone participates), progressive (meaning greater subsidies for the poor), and lifelong (meaning from the cradle to the grave). Since 1991, schools, communities, states, provinces, and entire countries have launched various CDA programs and policies. In the first part of the volume, scholars highlight the core feature of "inclusiveness" of CDAs in Singapore, Israel, and the United States. In the second part, scholars report on CDA policies and projects in Taiwan, Uganda, Korea, and mainland China. Showing how asset building can be effective in diverse cultural and social contexts, and that all these contexts emphasize the investing in children early in life and empowering of them to achieve their potential as productive citizens, Inclusive Child Development Accounts will be of great interest to scholars of social work, policy, investment, and development, as well as financial inclusivity. It originally published as a special issue of the Asia Pacific Journal of Social Work and Development.
Equal Shares
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Author : Will Paxton
language : en
Publisher: Institute for Public Policy Research
Release Date : 2003
Equal Shares written by Will Paxton and has been published by Institute for Public Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Political Science categories.
The Assets Perspective
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Author : R. Cramer
language : en
Publisher: Springer
Release Date : 2014-03-06
The Assets Perspective written by R. Cramer and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-06 with Political Science categories.
The economy's struggles to overcome the lingering effects of the Great Recession presented unique but essential questions.The book considers a full range of data which considers how this recent experience has impacted households, providing a thorough and contemporary treatment of how the assets perspective has prompted changes within social policy.
Home Ave
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Author : Canada Mortgage and Housing Corporation
language : en
Publisher:
Release Date : 2003
Home Ave written by Canada Mortgage and Housing Corporation and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Home ownership categories.
The research undertakes a national consultation to evaluate Home$ave, an asset-based approach to antipoverty using housing as a catalyst. The main objective of this research is to determine if an asset-based strategy through housing is a viable solution to poverty reduction. A common assumption is that lower income households cannot save. In 1991, Dr. Michael Sherraden of Washington University in St. Louis illustrated the concept of Individual Development Account (IDA). IDA rewards the monthly savings of lower-income households who are trying to buy their first home, pay for post-secondary education, or start a small business. This reward or incentive is provided through the use of matching funds that typically come from a variety of private and public sources. The hypothesis is that individuals who have an incentive to accumulate assets will do so. Asset accumulation should alter savings behaviours that lead to self-sufficiency, thereby allowing individuals to exit poverty. This consultation is to validate the assumption that low-income individuals will respond to financial incentives to engage in a range of activities related to housing.
Evaluation Of Asset Accumulation Initiatives
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Author : Gregory B. Mills
language : en
Publisher:
Release Date : 2000
Evaluation Of Asset Accumulation Initiatives written by Gregory B. Mills and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Food stamps categories.