Articlegreen2001

Saving, IDA programs, and effects of IDAs: A survey of participants

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Financial Literacy, Pension, Retirement Analysis Gender, Labor, and Family Dynamics Microfinance and Financial Inclusion

Abstract

Individual Development Accounts (IDAs) are special savings accounts designed to help people build assets to reach life goals and to achieve long-term security. Account-holders receive matching funds as they save for purposes such as buying a first home, attending job training, going to college, or financing a small business. Research has shown that most low-income participants save in IDAs (Sherraden et al., 2000). But what do participants think about the match rates, the withdrawal restrictions, and other institutional attributes of IDAs? How do they manage to set aside money for IDA deposits? And what effects do they perceive from their participation in IDA programs? This report uses cross-sectional survey data from current (N=298) and former (N=20) IDA participants in the American Dream Demonstration to address these and other questions.

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2005Saving in low-income households: Evidence from interviews with participants in the American Dream Demonstration 2003Patterns of financial behaviors: implications for community educators and policymakers 2006Saving Performance in Individual Development Accounts: Does Marital Status Matter?2008Do Assets Affect Well-Being? Perceptions of Youth in a Matched Savings Program 2001Assets and the Poor: Implications for Individual Accounts and Social Security 2008Determinants of asset building 2009Perceived facilitators and barriers to saving among low-income youth 2000Assets and the poor: Evidence from Individual Development Accounts

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