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More Than a Penny Saved: Long-Term Changes in Behavior Among Savings Program Participants
Article first published online: 4 MAR 2010
Copyright 2010 by The American Council on Consumer Interests
Journal of Consumer Affairs
Volume 44, Issue 1, pages 98–126, Spring 2010
How to Cite
LOIBL, C., GRINSTEIN-WEISS, M., ZHAN, M. and RED BIRD, B. (2010), More Than a Penny Saved: Long-Term Changes in Behavior Among Savings Program Participants. Journal of Consumer Affairs, 44: 98–126. doi: 10.1111/j.1745-6606.2010.01159.x
- Issue published online: 4 MAR 2010
- Article first published online: 4 MAR 2010
This article examines the levels of savings of former participants in a matched savings program. Findings from a survey of Individual Development Account (IDA) participants and a general low-income population sample show that participants who successfully completed the savings program report higher household savings than both participants who left the program early and a non-participant comparison group, suggesting that successful completion of an IDA program may improve the financial dispositions and behaviors associated with long-term savings. Three predictors of saving behavior emerged: access to the financial mainstream, individual psychological disposition, and the presence of children in the household.