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Articles & Special Issues Asset Building Financial Inclusion

Age Differences in IDA Savings Outcomes: Findings From the American Dream Demonstration

By CSD • July 1, 2008October 27, 2021

This study aims to develop a greater understanding of age differences in savings outcomes within Individual Development Accounts (IDAs). Participant data from the American Dream Demonstration (ADD) are examined for age differences in accumulated net deposits, average monthly net deposits, and deposit frequency. ADD program data are examined for savings match rates, monthly savings targets, direct deposit, and hours of financial education offered. Results indicate that, on average, older IDA participants have better savings outcomes than younger participants. Findings from this study suggest that impoverished middle-aged and older adults can save if provided an opportunity and incentives. However, success will depend on the characteristics of the programs.

Project: American Dream Policy Demonstration (ADD)

Citation

Putnam, M., Sherraden, M., Zhang, L., & Morrow-Howell, N. (2008). Age differences in IDA savings outcomes: Findings from the American Dream Demonstration. Journal of Aging and Social Policy, 20(1), 45–64. doi:10.1300/J031v20n01_03

View Publication
2008American Dream Policy Demonstration (ADD)Individual Development Account (IDA)Lin ZhangMichael SherradenMichelle PutnamNancy Morrow-Howell

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