Savings For The Poor
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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 Of The Poor
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Author : Sankar Datta
language : en
Publisher:
Release Date : 2010-01-01
Savings Of The Poor written by Sankar Datta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-01 with Poor categories.
The book has captured the wide literature on the behaviour of poor towards savings and distilled the key lessons for the practitioners and policy makers. Linking products to purpose, catering to multiple needs, focus on short-term savings, priority to convenience, appropriate incentive design, saving in kind and building trust are the key learnings highlighted in the book.
The Poor And Their Money
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Author : Stuart Rutherford
language : en
Publisher: Oxford University Press, USA
Release Date : 2001
The Poor And Their Money written by Stuart Rutherford and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
On the real lives of people in the slums and villages of Asia, Africa and Latin America.
Portfolios Of The Poor
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Author : Daryl Collins
language : en
Publisher: Princeton University Press
Release Date : 2009-04-20
Portfolios Of The Poor written by Daryl Collins and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-04-20 with Business & Economics categories.
Nearly forty percent of humanity lives on an average of two dollars a day or less. If you've never had to survive on an income so small, it is hard to imagine. How would you put food on the table, afford a home, and educate your children? How would you handle emergencies and old age? Every day, more than a billion people around the world must answer these questions. Portfolios of the Poor is the first book to systematically explain how the poor find solutions to their everyday financial problems. The authors conducted year-long interviews with impoverished villagers and slum dwellers in Bangladesh, India, and South Africa--records that track penny by penny how specific households manage their money. The stories of these families are often surprising and inspiring. Most poor households do not live hand to mouth, spending what they earn in a desperate bid to keep afloat. Instead, they employ financial tools, many linked to informal networks and family ties. They push money into savings for reserves, squeeze money out of creditors whenever possible, run sophisticated savings clubs, and use microfinancing wherever available. Their experiences reveal new methods to fight poverty and ways to envision the next generation of banks for the "bottom billion." Indispensable for those in development studies, economics, and microfinance, Portfolios of the Poor will appeal to anyone interested in knowing more about poverty and what can be done about it.
Savings For The Poor
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Author : Michael A. Stegman
language : en
Publisher: Brookings Institution Press
Release Date : 2010-12-01
Savings For The Poor written by Michael A. Stegman and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
Beginning this year, federal payment recipients will receive their government benefits through electronic funds transfer (EFT)-- what most of us call direct deposit. Although cost-cutting is the driving force behind the move to a virtually all-electronic federal payment system, Michael Stegman believes the initiative has a far broader potential: to bring poor Americans into the banking mainstream. In this book Stegman outlines how many families will enter the mainstream banking system through EFT '99, as the program is called. He explains in careful detail the thinking behind the shift to EFT and the implementation of the program this year. He also argues that, for maximum success, EFT '99 should be combined with a program of national Individual Development Accounts (IDAs), dedicated savings accounts for low-income people that can be used for purchasing a first home, acquiring more education or job training, or starting a small-business. Essentially, EFT '99 will bring people into the banking system, and IDAs will give them an incentive to use the system to its fullest in order to make their money work for them and their children. There are other steps that the government can take to boost EFT's ability to help public aid recipients achieve self-sufficiency. It can: add a direct deposit option to state benefits payments programs; give banks significant additional Community Reinvestment Act Credit for establishing accounts for EFT recipients; and regulate fees for cashing government benefits and voluntary accounts so that people are not charged excessively for accessing their money. This book demonstrates that — with careful planning and a relatively small investment — the government's EFT initiative can have a major payoff in real assets and improved prospects for those who have been, for far too long, on the fringes of the country's mainstream banking system. Brookings Metro Series
Making Education Work For The Poor
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Author : Willliam Elliott
language : en
Publisher: Oxford University Press
Release Date : 2018-07-03
Making Education Work For The Poor written by Willliam Elliott and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-03 with Social Science categories.
Making Education Work for the Poor identifies wealth inequality as the gravest threat to the endangered American Dream. Though studies have clearly illustrated that education is the primary path to upward mobility, today, educational outcomes are more directly determined by wealth than innate ability and exerted effort. This accounting directly contradicts Americans' understanding of the promise the American Dream is supposed to offer: a level playing field and a path towards a more profitable future. In this book, the authors share their own stories of their journeys through the unequal U.S. education system. One started from relative privilege and had her way to prosperity paved and her individual efforts augmented by institutional and structural support. The other grew up in poverty and had to fight against currents to complete higher education, only to find his ability to profit from that degree compromised by student debt. To directly counter wealth inequality and make education the 'great equalizer' that Americans believe it to be, this book calls for a revolution in financial aid policy, from debt dependence to asset empowerment. The book examines the evidence base supporting Children's Savings Accounts, including CSAs' demonstrated potential to improve children's outcomes all along the 'opportunity pipeline': early education, school achievement, college access and completion, and post-college financial health. It then outlines a policy that builds on CSAs to incorporate a sizable, progressive wealth transfer. This new policy, Opportunity Investment Accounts, is framed as the cornerstone of the wealth-building agenda the nation needs in order to salvage the American Dream. Written by leading CSA researchers, the book includes overviews of the major children's savings legislation proposed in Congress and the key features of prominent CSA programs in operation around the country today, as well as new qualitative and quantitative CSA research. The book ultimately presents a critical development of the theories that, together, explain how universal, progressive, asset-based education financing could make education work equitably for all American children.
Why Don T The Poor Save More Evidence From Health Savings Experiments
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Author :
language : en
Publisher:
Release Date : 2011
Why Don T The Poor Save More Evidence From Health Savings Experiments written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Do Default Assignments Increase Savings Of The Poor Empirical Evidence
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Author : Eva Haaser
language : en
Publisher:
Release Date : 2019
Do Default Assignments Increase Savings Of The Poor Empirical Evidence written by Eva Haaser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Although households in developing and emerging countries are relatively poor, there is potential to save. For example, one study estimates that up to 8.1% of a poor household's budget in such countries is spent on so-called temptation goods, like alcohol, tobacco, and festivals (Banerjee and Duflo, 2007). At the same time, many households are aware of the fact that they do not save enough. They name factorslike self-control problems and family obligations as reasons why they cannot save more. In high income countries, default assignments already facilitate decision making in many areas of life. Among others, these could not just successfully increase organ donation rates (Johnson and Goldstein, 2003) but also retirement savings (Thaler and Benartzi, 2004). With the increased supply of formal financial services in the developing world, default assignments are also a romising and costeffective tool for these households. Prominent studies on whether and how default assignments increase the savings of the poor are summarized below.
Banking The Poor
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Author : Jeffrey Flory
language : en
Publisher:
Release Date : 2016
Banking The Poor written by Jeffrey Flory and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The poor often save through informal methods outside of the financial systems of developing countries, restricting the extent to which their savings can help fuel growth. Moreover, a growing number of studies show large positive effects on outcomes among the poor from possessing a savings account. However, the vast majority of adults in the developing world do not have even a basic account. This paper uses a randomized field experiment in Malawi with over 2,000 households to examine an innovative approach to spur financial inclusion. The results show that periodic informational visits to a village can sharply increase take-up and use of savings accounts. The impact on adoption probability depends on a few key household characteristics, its effect the strongest for households in middle wealth categories, with educated heads, living outside the immediate vicinity of the bank. Results show account usage is robust among induced adopters. The randomly assigned information intervention is then used to identify sharp causal impacts of savings adoption on agricultural production inputs, crop income, and food consumption among farming households in poor rural areas. These results help extend a fast-growing literature on formal savings by examining a novel and effective method to encourage uptake and better understand the impact of savings accounts among poor farmers - the largest occupational group among the poor.
Savings Constraints Self Control Problems And Poverty
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Author : Diego Ubfal
language : en
Publisher:
Release Date : 2012
Savings Constraints Self Control Problems And Poverty written by Diego Ubfal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This dissertation explores some of the causes of low-savings by the poor, which are linked to the persistency of poverty. The first two chapters study self-control problems, one of the channels that might explain the inability of the poor to save. Whereas the third chapter evaluates whether lack of access to safe savings mechanisms can be an explanation for insufficient savings. The first chapter has the goal of testing the broadly adopted assumption in economics that people apply a unique discount rate to the utility from different sources of consumption. The essay uses unique data from two surveys collected in rural Uganda to elicit time preferences over different goods based on both hypothetical and real choices from approximately 2,400 individuals. The data reject the null of equality in discount rates under a number of different modeling assumptions. These results have important theoretical and policy implications. In the first place, they provide support for the idea that time-inconsistent behaviors can be observed even if individuals do not exhibit hyperbolic preferences, the standard explanation in the literature for non-constant discounting. In addition, good-specific discounting, under certain conditions, can explain the persistence of poverty. The second chapter focuses on this last point and provides an application for the findings in the first chapter. It presents evidence that the poor spend a smaller share of their income than the rich on goods with higher discount rate, which implies a stronger disincentive to save, a necessary condition to predict the existence of a poverty trap in self-control models. The third chapter evaluates the impact of expanding access to safe saving instruments. Using panel data from a national sample of Mexican households, it studies the effects of a program expanding financial access on savings for beneficiaries of social programs. The article uses the exogenous source of variability generated by a national electronic payments program that opened savings accounts to a group of social beneficiaries. The findings indicate that the access to saving accounts increased reported total savings significantly, with larger effects for households living in rural localities, and non-significant effects for those living in urban localities.