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Articles & Special Issues Asset Building Financial Inclusion

Effects of an Individual Development Account Program on Retirement Saving: Follow-Up Evidence From a Randomized Experiment

By CSD • July 21, 2015September 7, 2021

We examine the 10-year follow-up effects on retirement saving of an individual development account (IDA) program using data from a randomized experiment that ran from 1998 to 2003 in Tulsa, Oklahoma. The IDA program included financial education, encouragement to save, and matching funds for several qualified uses of the saving, including contributions to retirement accounts. The results indicate that as of 2009, 6 years after the program ended, the IDA program had no impact on the propensity to hold a retirement account, the account balance, or the sufficiency of retirement balances to meet retirement expenses.

Project: American Dream Policy Demonstration (ADD)

Citation

Grinstein-Weiss, M., Sherraden, M., Gale, W. G., Rohe, W. M., Schreiner, M., Key, C., & Oliphant, J. E. (2015). Effects of an Individual Development Account program on retirement saving: Follow-up evidence from a randomized experiment. Journal of Gerontological Social Work, 58(6), 572–589. doi:10.1080/01634372.2015.1052174

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2015American Dream Policy Demonstration (ADD)Clinton Keyexperimentfinancial educationIndividual Development Account (IDA)Jane OliphantMark SchreinerMichael SherradenMichal Grinstein-WeissretirementWilliam GaleWilliam Rohe

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