Does Prior Banking Experience Matter? Differences of the Banked and Unbanked in Individual Development Accounts

Michal Grinstein-Weiss; Yeong H. Yeo; Mathieu R. Despard; Adriane M. Casalotti; Min Zhan

doi:10.1007/s10834-010-9184-5

Does Prior Banking Experience Matter? Differences of the Banked and Unbanked in Individual Development Accounts

Michal Grinstein-Weiss
, Yeong H. Yeo
, Mathieu R. Despard
, Adriane M. Casalotti
, Min Zhan

Research output: Contribution to journal › Article › peer-review

30 Scopus citations

Abstract

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.

Original language	English
Pages (from-to)	212-227
Number of pages	16
Journal	Journal of Family and Economic Issues
Volume	31
Issue number	2
DOIs	https://doi.org/10.1007/s10834-010-9184-5
State	Published - 8 Mar 2010
Externally published	Yes

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 1 No Poverty
SDG 8 Decent Work and Economic Growth
SDG 10 Reduced Inequalities

Keywords

Asset building
Banked
IDAs
Savings
Unbanked

ASJC Scopus subject areas

Social Psychology
Economics and Econometrics

Access to Document

10.1007/s10834-010-9184-5

Cite this

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title = "Does Prior Banking Experience Matter? Differences of the Banked and Unbanked in Individual Development Accounts",

abstract = "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.",

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AU - Grinstein-Weiss, Michal

AU - Yeo, Yeong H.

AU - Despard, Mathieu R.

AU - Casalotti, Adriane M.

AU - Zhan, Min

PY - 2010/3/8

Y1 - 2010/3/8

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.

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KW - Banked

KW - IDAs

KW - Savings

KW - Unbanked

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Does Prior Banking Experience Matter? Differences of the Banked and Unbanked in Individual Development Accounts

Abstract

UN SDGs

Keywords

ASJC Scopus subject areas

Access to Document

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