ERIC Number: EJ952959
Record Type: Journal
Publication Date: 2011
Pages: 13
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-1052-3073
EISSN: N/A
Saving for Success: Financial Education and Savings Goal Achievement in Individual Development Accounts
Grinstead, Mary L.; Mauldin, Teresa; Sabia, Joseph J.; Koonce, Joan; Palmer, Lance
Journal of Financial Counseling and Planning, v22 n2 p28-40 2011
Using microdata from the American Dream Demonstration, the current study examines factors associated with savings and savings goal achievement (indicated by a matched withdrawal) among participants of individual development account (IDA) programs. Multinomial logit results show that hours of participation in financial education programs, higher matched caps, prior use of a savings account, and greater educational attainment are each associated with a greater likelihood of savings and savings goal achievement. IDA programs need to maximize available resources, particularly financial education, to assist participants in achieving savings goals. (Contains 2 tables.)
Descriptors: Educational Attainment, Money Management, Performance Factors, Success, Goal Orientation, Achievement Need, Predictor Variables, Control Groups, Matched Groups, Financial Services, Banking, Consumer Economics, Behavioral Science Research, Individual Characteristics, Counseling Effectiveness, Counseling Services
Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: http://afcpe.org
Publication Type: Journal Articles; Reports - Research
Education Level: Adult Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A