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Just Keep My Money! Supporting Tax-time Savings with US Savings Bonds

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  • Peter Tufano

    (Harvard Business School, Finance Unit)

Abstract

This paper reports the results of a 2007 experiment testing if specific process simplification can foster increased take-up rates for savings products, particularly by low-to-moderate income (LMI) households. Tax refund recipients at certain H&R Block tax preparation offices were given the option to purchase U.S. Savings Bonds with their tax refunds, augmenting the tax-site savings options offered by Block. Those who received the savings bond offer were substantially more likely to purchase a savings product on-site than those who didn't, even after controlling for client demographics. Much of this take-up was directed at intra-family gifting, or asset building on behalf of children.

Suggested Citation

  • Peter Tufano, 2008. "Just Keep My Money! Supporting Tax-time Savings with US Savings Bonds," Harvard Business School Working Papers 09-059, Harvard Business School, revised Aug 2010.
    • Handle: RePEc:hbs:wpaper:09-059
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