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Effects of a Randomized Tax-Time Savings Intervention on Savings Account Ownership Among Low- and Moderate-Income Households

Effects of a Randomized Tax-Time Savings Intervention on Savings Account Ownership Among Low- and... <p>Being unbanked makes it difficult for low and moderate-income (LMI) households to manage finances, save, and access credit. We assessed effects of an online tax-time savings intervention on savings account openings in the 6 months following tax filing among a sample of 4,692 LMI tax filers. Treatment group participants had 60% greater odds of opening a savings account than control group participants (<italic>p</italic> < .05). However, statistically significant treatment effects were found only for participants who filed early in tax season and only for 5 out of 18 specific interventions. Low-cost messages delivered at tax time can encourage early season LMI tax filers who expect larger refunds to open savings accounts. Findings lend additional empirical support for financial inclusion efforts.</p> http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Effects of a Randomized Tax-Time Savings Intervention on Savings Account Ownership Among Low- and Moderate-Income Households

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Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.29.2.219
Publisher site
See Article on Publisher Site

Abstract

<p>Being unbanked makes it difficult for low and moderate-income (LMI) households to manage finances, save, and access credit. We assessed effects of an online tax-time savings intervention on savings account openings in the 6 months following tax filing among a sample of 4,692 LMI tax filers. Treatment group participants had 60% greater odds of opening a savings account than control group participants (<italic>p</italic> < .05). However, statistically significant treatment effects were found only for participants who filed early in tax season and only for 5 out of 18 specific interventions. Low-cost messages delivered at tax time can encourage early season LMI tax filers who expect larger refunds to open savings accounts. Findings lend additional empirical support for financial inclusion efforts.</p>

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Nov 1, 2018

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