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Exploring a Model for Integrating Child Development Accounts with Social Services for Vulnerable Families

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  • Jin Huang
  • Sondra G. Beverly
  • Youngmi Kim
  • Margaret M. Clancy
  • Michael Sherraden

Abstract

In the financial capability intervention known as Child Development Accounts (CDAs), incentives with savings or investment accounts enable families (especially vulnerable ones) to accumulate assets for children's developmental and life‐cycle needs. With data from SEED for Oklahoma Kids (OK), a randomized statewide policy experiment, we examined a CDA intervention's effects on a subsample of low‐income families in Temporary Assistance for Needy Families and Head Start. Results from simultaneous equation modeling suggest that the intervention has positive, statistically significant impacts on financial and social‐development outcomes. Findings provide empirical support for a new model for integrating the accounts with other social services for economically vulnerable populations. The centralized account platform used in SEED OK seems essential to providing CDAs on a large scale, which would enable opportunities for integration with federal‐ and state‐funded social service programs.

Suggested Citation

  • Jin Huang & Sondra G. Beverly & Youngmi Kim & Margaret M. Clancy & Michael Sherraden, 2019. "Exploring a Model for Integrating Child Development Accounts with Social Services for Vulnerable Families," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(3), pages 770-795, September.
    • Handle: RePEc:bla:jconsa:v:53:y:2019:i:3:p:770-795
    DOI: 10.1111/joca.12239
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    Cited by:

    1. Chen, Zibei & Elliott, William & Wang, Kaipeng & Zhang, Anao & Zheng, Haotian, 2020. "Examining parental educational expectations in one of the oldest children’s savings account programs in the country: The Harold Alfond College Challenge," Children and Youth Services Review, Elsevier, vol. 108(C).

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