IDEAS home Printed from https://ideas.repec.org/a/eee/cysrev/v32y2010i1p129-136.html
   My bibliography  Save this article

Mapping the perspectives of low-income parents in a children's college savings account program

Author

Listed:
  • Johnson, Toni
  • Adams, Deborah
  • Kim, Johnny S.

Abstract

Policies and programs designed to help low-income families save and build assets for developmental uses such as higher education, homeownership, and entrepreneurship are emerging and growing globally. This study uses participatory concept mapping techniques to explore perspectives of low-income parents in a children's college savings account program in a large US city. Participants in this study worked together to generate data on effective components of child savings account (CSA) programs. They then sorted these CSA components into conceptual groups reflecting their perspectives on which of the program elements were related to one another. Finally, participants were asked to rate the importance of each CSA component. Findings suggest that parents view CSA components that: (1) demonstrate respect for parents and (2) enhance accountability as being particularly effective and important elements of matched saving programs. While much more research is needed, particularly with lower-income families and communities, these findings are consistent with an emerging institutional theory of saving and asset accumulation. Implications for institutional theory, asset-building policies, CSA programs, and future research are discussed.

Suggested Citation

  • Johnson, Toni & Adams, Deborah & Kim, Johnny S., 2010. "Mapping the perspectives of low-income parents in a children's college savings account program," Children and Youth Services Review, Elsevier, vol. 32(1), pages 129-136, January.
    • Handle: RePEc:eee:cysrev:v:32:y:2010:i:1:p:129-136
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0190-7409(09)00208-4
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Esther Duflo & William Gale & Jeffrey Liebman & Peter Orszag & Emmanuel Saez, 2006. "Saving Incentives for Low- and Middle-Income Families: Evidence from a Field Experiment with H&R Block," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 121(4), pages 1311-1346.
    2. Patrick J. Bayer & B. Douglas Bernheim & John Karl Scholz, 2009. "The Effects Of Financial Education In The Workplace: Evidence From A Survey Of Employers," Economic Inquiry, Western Economic Association International, vol. 47(4), pages 605-624, October.
    3. Trochim, William M. K., 1989. "Concept mapping : Soft science or hard art?," Evaluation and Program Planning, Elsevier, vol. 12(1), pages 87-110, January.
    4. Grinstein-Weiss, Michal & Wagner, Kristen & Ssewamala, Fred M., 2006. "Saving and asset accumulation among low-income families with children in IDAs," Children and Youth Services Review, Elsevier, vol. 28(2), pages 193-211, February.
    5. 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.
    6. Margaret Clancy & Michal Grinstein-Weiss & Mark Schreiner, 2001. "Financial Education and Savings Outcomes in Individual Development Accounts," HEW 0108001, University Library of Munich, Germany, revised 27 Dec 2001.
    7. Bernheim, B. Douglas & Garrett, Daniel M., 2003. "The effects of financial education in the workplace: evidence from a survey of households," Journal of Public Economics, Elsevier, vol. 87(7-8), pages 1487-1519, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.
    2. Catherine A. Manly & Ryan S. Wells & Genia M. Bettencourt, 2017. "Financial Planning for College: Parental Preparation and Capital Conversion," Journal of Family and Economic Issues, Springer, vol. 38(3), pages 421-438, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gary V. Engelhardt & Anil Kumar, 2007. "Employer Matching and 401(k) Saving: Evidence from the Health and Retirement Study," NBER Chapters, in: Public Policy and Retirement, Trans-Atlantic Public Economics Seminar (TAPES), pages 1920-1943, National Bureau of Economic Research, Inc.
    2. Tim Kaiser & Lukas Menkhoff, 2017. "Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?," The World Bank Economic Review, World Bank, vol. 31(3), pages 611-630.
    3. Keenan Dworak-Fisher, 2011. "Matching Matters in 401(k) Plan Participation," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 50(4), pages 713-737, October.
    4. James Alm & Carolyn J. Bourdeaux, 2013. "Applying Behavioral Economics to the Public Sector," Hacienda Pública Española / Review of Public Economics, IEF, vol. 206(3), pages 91-134, September.
    5. Patrick J. Bayer & B. Douglas Bernheim & John Karl Scholz, 2009. "The Effects Of Financial Education In The Workplace: Evidence From A Survey Of Employers," Economic Inquiry, Western Economic Association International, vol. 47(4), pages 605-624, October.
    6. Margaret Miller & Julia Reichelstein & Christian Salas & Bilal Zia, 2015. "Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature," The World Bank Research Observer, World Bank, vol. 30(2), pages 220-246.
    7. Bai, Chong-En & Chi, Wei & Liu, Tracy Xiao & Tang, Chao & Xu, Jian, 2021. "Boosting pension enrollment and household consumption by example: A field experiment on information provision," Journal of Development Economics, Elsevier, vol. 150(C).
    8. Matthew Martin, 2007. "A literature review on the effectiveness of financial education," Working Paper 07-03, Federal Reserve Bank of Richmond.
    9. Bingzheng Chen & Peiyun Deng & Xiaodong Fan, 2022. "Effect of compulsory education on retirement financial outcomes: evidence from China," Scandinavian Journal of Economics, Wiley Blackwell, vol. 124(4), pages 958-989, October.
    10. Michael Sherraden & Mark Schreiner & Sondra Beverly, 2003. "Income, Institutions, and Saving Performance in Individual Development Accounts," Economic Development Quarterly, , vol. 17(1), pages 95-112, February.
    11. Andreas Oehler & Christina Werner, 2008. "Saving for Retirement—A Case for Financial Education in Germany and UK? An Economic Perspective," Journal of Consumer Policy, Springer, vol. 31(3), pages 253-283, September.
    12. Ian Hathaway & Sameer Khatiwada, 2008. "Do financial education programs work?," Working Papers (Old Series) 0803, Federal Reserve Bank of Cleveland.
    13. Lusardi, Annamaria & Michaud, Pierre-Carl & Mitchell, Olivia S., 2020. "Assessing the impact of financial education programs: A quantitative model," Economics of Education Review, Elsevier, vol. 78(C).
    14. Meta Brown & John Grigsby & Wilbert van der Klaauw & Jaya Wen & Basit Zafar, 2016. "Financial Education and the Debt Behavior of the Young," The Review of Financial Studies, Society for Financial Studies, vol. 29(9), pages 2490-2522.
    15. Aileen Heinberg & Angela Hung & Arie Kapteyn & Annamaria Lusardi & Anya Savikhin Samek & Joanne Yoong, 2014. "Five steps to planning success: experimental evidence from US households," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 30(4), pages 697-724.
    16. Minchao Jin & Zibei Chen, 2020. "Comparing Financial Socialization and Formal Financial Education: Building Financial Capability," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 149(2), pages 641-656, June.
    17. Annamaria Lusardi & Olivia Mitchell, 2007. "Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel," Working Papers wp157, University of Michigan, Michigan Retirement Research Center.
    18. Mayssun El-Attar & Markus Poschke, 2011. "Trust and the Choice Between Housing and Financial Assets: Evidence from Spanish Households," Review of Finance, European Finance Association, vol. 15(4), pages 727-756.
    19. B. Douglas Bernheim, 2010. "Emmanuel Saez: 2009 John Bates Clark Medalist," Journal of Economic Perspectives, American Economic Association, vol. 24(3), pages 183-206, Summer.
    20. Robert L. Clark & Melinda Sandler Morrill & Steven G. Allen, 2012. "The Role Of Financial Literacy In Determining Retirement Plans," Economic Inquiry, Western Economic Association International, vol. 50(4), pages 851-866, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:cysrev:v:32:y:2010:i:1:p:129-136. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/childyouth .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.