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Savings attitude and behavior in children participating in a matched savings program in Singapore

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  • Tonsing, Kareen N.
  • Ghoh, Corinne

Abstract

Using a quasi-experimental design with a treatment group (N = 52) and a comparison group (N = 25), this study examines how matched savings program can play a part in inculcating saving attitude and behavior among young children aged 8 to 14 years. Findings revealed that children in the treatment group had demonstrated attitudinal changes in saving and benefited from the matched savings program. Focus group discussions with a subset of children from the treatment group (N = 14), suggest that children's attitude and behavior towards savings are closely related and that parental involvement is critical in increasing motivation to save. Implications of how children should be involved as active agent in saving and parental involvement in matched saving program were discussed.

Suggested Citation

  • Tonsing, Kareen N. & Ghoh, Corinne, 2019. "Savings attitude and behavior in children participating in a matched savings program in Singapore," Children and Youth Services Review, Elsevier, vol. 98(C), pages 17-23.
    • Handle: RePEc:eee:cysrev:v:98:y:2019:i:c:p:17-23
    DOI: 10.1016/j.childyouth.2018.12.015
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    References listed on IDEAS

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    6. 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.
    7. Manturuk, Kim & Dorrance, Jessica & Riley, Sarah, 2012. "Factors affecting completion of a matched savings program: Impacts of time preference, discount rate, and financial hardship," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(6), pages 836-842.
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