Tax refunds are an opportunity for Earned Income Tax Credit (EITC) recipients to build emergency savings. Randomly assigned behavioral interventions in 2015 and 2016 have statistically significant impacts on refund saving take-up and amounts among EITC recipients who filed their taxes online. From a survey experiment, we also find that EITC recipients have a 49 percent and 59 percent increased likelihood of deferring 20 percent of their refunds for six months when hypothetically offered 25 and 50 percent savings matches (p < .001), respectively. These findings can inform policy development related to encouraging emergency saving at tax time.
Tag: Dana Perantie
Encouraging Tax‐Time Savings With A Low‐Touch, Large‐Scale Intervention: Evidence From The Refund To Savings Experiment
Low‐ and moderate‐income households often struggle to save, but the annual tax refund represents a prime opportunity for these households to save toward their financial goals or build their emergency savings. This paper presents the results of a randomized, controlled experiment embedded in a free tax‐preparation product offered in 2013 to low‐ and moderate‐income households. […]
The role of choice architecture in promoting saving at tax time: Evidence from a large-scale field experiment
Tax refunds give many low-and moderate-income (LMI) households a rare opportunity to save for unexpected expenses. We conducted three experiments aimed at increasing tax-time savings by LMI consumers. In a large field experiment, the most effective intervention increased the average savings deposits by about 50%. Delivered as people filed taxes online, this treatment consisted of […]
Assessing Retirement Needs and Interest in myRa: Findings From the Refund to Savings Initiative
Roll, S. P., Oliphant, J. E., Perantie, D. C., Grinstein-Weiss, M., & Davison, G. (2017). Assessing retirement needs and interest in myRA: Findings from the Refund to Savings Initiative (CSD Research Report No. 17-16). St. Louis, MO: Washington University, Center for Social Development. https://doi.org/10.7936/K74749DH
Coping With a Crisis: Financial Resources Available to Low- and Moderate-Income Households in Emergencies
Perantie, D. C., Roll, S. P., Oliphant, J. E., Guo, S., & Grinstein-Weiss, M. (2017, February). Coping with a crisis: Financial resources available to low- and moderate-income households in emergencies (CSD Research Brief No. 17-11). St. Louis, MO: Washington University, Center for Social Development. https://doi.org/10.7936/K7M32V90
The Role of Choice Architecture in Promoting Saving at Tax Time: Evidence From a Large-Scale Field Experiment
Grinstein-Weiss, M., Cryder, C., Despard, M. R., Perantie, D. C., Oliphant, J. E., & Ariely, D. (2017). The role of choice architecture in promoting saving at tax time: Evidence from a large-scale field experiment (CSD Working Paper No. 17-29). St. Louis, MO: Washington University, Center for Social Development.
Student Debt and Hardship: Evidence From a Large Sample of Low- and Moderate-Income Households
Despard, M. R., Perantie, D. C., Taylor, S. H., Grinstein-Weiss, M., Friedline, T., & Raghavan, R. (2016). Student debt and hardship: Evidence from a large sample of low- and moderate-income households. Children and Youth Services Review, 70, 8–18. doi:10.1016/j.childyouth.2016.09.001
The Role of Health Insurance in the Financial Lives of Low- and Moderate-Income Households
Despard, M. R., Roll, S. P., Perantie, D. C., Oliphant, J. E., & Grinstein-Weiss, M. (2016, July). The role of health insurance in the financial lives of low- and moderate-income households (CSD Research Brief No. 16-26). St. Louis, MO: Washington University, Center for Social Development.
Racial Disparities in Student Debt: Evidence From the Refund to Savings Initiative
Taylor, S. H., Perantie, D. C., Kantor, N., Grinstein-Weiss, M., Guo, S., & Raghavan, R. (2016, May). Racial disparities in student debt: Evidence from the Refund to Savings Initiative (CSD Research Brief No. 16-14). St. Louis, MO: Washington University, Center for Social Development.
The Burden of Student Debt: Findings From a Survey of Low- and Moderate-Income Households
Despard, M. R., Taylor, S. H., Perantie, D. C., & Grinstein-Weiss, M. (2016, May). The burden of student debt: Findings from a survey of low- and moderate-income households (CSD Research Brief No. 16-15). St. Louis, MO: Washington University, Center for Social Development.
Racial Disparities in Education Debt Burden Among Low- and Moderate-Income Households
Grinstein-Weiss, M., Perantie, D. C., Taylor, S. H., Guo, S., & Raghavan, R. (2016). Racial disparities in education debt burden among low- and moderate-income households. Children and Youth Services Review, 65, 166–174. doi:10.1016/j.childyouth.2016.04.010
Characteristics and Hardships Associated With Bank Account Ownership Among Refund to Savings Participants
Grinstein-Weiss, M., Perantie, D. C., Oliphant, J. E., deRuyter, A., & Despard, M. R. (2016, March). Characteristics and hardships associated with bank account ownership among Refund to Savings participants (CSD Research Brief No. 16-09). St. Louis, MO: Washington University, Center for Social Development.
Support for a Tax-Time Savings Policy: Interest in Deferring Tax Refunds With Matched Incentives
Perantie, D. C., Oliphant, J. E., & Grinstein-Weiss, M. (2016, January). Support for a tax-time savings policy: Interest in deferring tax refunds with matched incentives (CSD Research Brief No. 16-03). St. Louis, MO: Washington University, Center for Social Development.
Use of Alternative Financial Services Among Low- and Moderate-Income Households: Findings From a Large-Scale National Household Financial Survey
Despard, M. R., Perantie, D. C., Luo, L., Oliphant, J., & Grinstein-Weiss, M. (2015, November). Use of alternative financial services among low- and moderate-income households: Findings from a large-scale national Household Financial Survey (CSD Research Brief No. 15-57). St. Louis, MO: Washington University, Center for Social Development.
The Volunteer Income Tax Preparer’s Toolkit: Showing Clients Why Tax Time Is the Right Time to Save
Covington, M., Oliphant, J., Perantie, D., & Grinstein-Weiss, M. (2015, September). The volunteer income tax preparer’s toolkit: Showing clients why tax time is the right time to save (CSD Toolkit No. 15-56). St. Louis, MO: Washington University, Center for Social Development.
Do EITC Recipients Use Their Tax Refunds to Get Ahead? Evidence From the Refund to Savings Initiative
Despard, M. R., Perantie, D. C., Oliphant, J., & Grinstein-Weiss, M. (2015, July). Do EITC recipients use their tax refunds to get ahead? Evidence from the Refund to Savings initiative (CSD Research Brief No. 15-38). St. Louis, MO: Washington University in St. Louis, Center for Social Development.
Refund to Savings: Creating Contingency Savings at Tax Time
Grinstein-Weiss, M., Comer, K., Russell, B. D., Key, C., Perantie, D., & Ariely, D. (2015). Refund to Savings: Creating contingency savings at tax time. In J. M. Collins (Ed.), A fragile balance: Emergency savings and liquid resources for low-income consumers (pp. 87–106). New York, NY: Palgrave Macmillan.
Refund to Savings 2013: Comprehensive Report on a Large-Scale Tax-Time Saving Program
Grinstein-Weiss, M., Perantie, D. C., Russell, B. D., Comer, K., Taylor, S. H., Luo, L., Key, C., & Ariely, D. (2015). Refund to Savings 2013: Comprehensive report on a large-scale tax-time saving program (CSD Research Report No. 15-06). St. Louis, MO: Washington University, Center for Social Development.
Refund to Savings: 2013 Results From a National Experiment to Build Financial Stability at Tax Time
Grinstein-Weiss, M., Comer, K., Russell, B., Key, C., Perantie, D. C., & Ariely, D. (2014, February). Refund to Savings: 2013 results from a national experiment to build financial stability at tax time (CSD Research Brief No. 14-04). St. Louis: Washington University, Center for Social Development.
Refund to Savings: 2013 Evidence of Tax-Time Saving in a National Randomized Control Trial
Grinstein-Weiss, M., Comer, K., Russell, B., Key, C., Perantie, D. C., & Ariely, D. (2014). Refund to Savings: 2013 evidence of tax-time saving in a national randomized control trial (CSD Research Report No. 14-03). St. Louis: Washington University, Center for Social Development.