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Matched savings accounts: A study of youths' perceptions of program and account design

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  • Scanlon, Edward
  • Buford, Andrea
  • Dawn, Kenneth

Abstract

This paper presents data from a qualitative study of a youth savings account program. In-depth interviews were conducted with 30 youth ages 14-19 between November 2004 and February 2005 who were participants in the SEED national demonstration project. Our findings focus on youths' perceptions of program design, including recruitment and enrollment, savings goals, direct deposit mechanisms, staff-participant interactions, financial education, and fund withdrawal process. Participants were generally positive about comfort and trust with the agency and staff, perceptions of the match structure, and the opportunity to begin the process of savings. Direct deposit, while overall viewed favorably, was seen as problematic when income streams were interrupted by seasonal employment. Both online and workshop based financial education programs were often viewed as boring and repetitive. Following the presentation of findings, our discussion centers on implications for policy and program design.

Suggested Citation

  • Scanlon, Edward & Buford, Andrea & Dawn, Kenneth, 2009. "Matched savings accounts: A study of youths' perceptions of program and account design," Children and Youth Services Review, Elsevier, vol. 31(6), pages 680-687, June.
    • Handle: RePEc:eee:cysrev:v:31:y:2009:i:6:p:680-687
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    References listed on IDEAS

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    1. Amanda Moore & Sondra Beverly & Mark Schreiner & Michael Sherraden & Margaret Lombe & Esther Y. N. Cho & Lissa Johnson & Rebecca Vonderlack, 2001. "Saving, IDA Programs, and Effects of IDAs: A Survey of Participants," Microeconomics 0108002, University Library of Munich, Germany, revised 27 Dec 2001.
    2. Beverly, Sondra G. & Sherraden, Michael, 1999. "Institutional determinants of saving: implications for low-income households and public policy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 28(4), pages 457-473.
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    Cited by:

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    2. Terri Friedline & Mary Rauktis, 2014. "Young People Are the Front Lines of Financial Inclusion: A Review of 45 Years of Research," Journal of Consumer Affairs, Wiley Blackwell, vol. 48(3), pages 535-602, October.
    3. Margaret Sherraden & Lissa Johnson & Baorong Guo & William Elliott, 2011. "Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Program," Journal of Family and Economic Issues, Springer, vol. 32(3), pages 385-399, September.
    4. Melinda Lewis & Megan O'Brien & Amanda Jones‐Layman & Elizabeth A. O'Neill & William Elliott, 2017. "Saving and Educational Asset Building Within a Community‐Driven CSA Program: The Case of Promise Indiana," Poverty & Public Policy, John Wiley & Sons, vol. 9(2), pages 188-208, June.
    5. Terri Friedline & Stacia West, 2016. "Financial Education is not Enough: Millennials May Need Financial Capability to Demonstrate Healthier Financial Behaviors," Journal of Family and Economic Issues, Springer, vol. 37(4), pages 649-671, December.
    6. Casey Totenhagen & Deborah Casper & Kelsey Faber & Leslie Bosch & Christine Wiggs & Lynne Borden, 2015. "Youth Financial Literacy: A Review of Key Considerations and Promising Delivery Methods," Journal of Family and Economic Issues, Springer, vol. 36(2), pages 167-191, June.

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