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

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 - 2010
Externally published	Yes

Keywords

Asset building
Banked
IDAs
Savings
Unbanked

ASJC Scopus subject areas

Social Psychology
Economics and Econometrics

UN SDGs

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

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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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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

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.

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

Abstract

Keywords

ASJC Scopus subject areas

UN SDGs

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