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Small-dollar children's savings accounts and children's college outcomes by income level

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Abstract

This is paper two of four in the small-dollar children's savings account series in this issue that examines the relationship between children's small-dollar savings accounts and college enrollment and graduation. This series of papers uses different subsamples to examine three important research questions: (a) Are children with savings of their own more likely to attend or graduate from college; (b) Does dose (no account, only basic savings, savings designated for school of less than $1, $1 to $499, or $500 or more) matter; and (c) Is designating savings for school more predictive than having basic savings alone. Using propensity score weighted data from the Panel Study of Income Dynamics and its supplements we created multi-treatment doses of savings accounts and amounts to answer these questions separately for children from low- and moderate-income (below $50,000; n = 512) and high income ($50,000 or above; n = 345) households. We find that low- and moderate-income children may be more likely to enroll in and graduate from college when they have small-dollar savings accounts with money designated for school. A low- and moderate-income child who has school savings of $1 to $499 prior to reaching college age is over three times more likely to enroll in college and four times more likely to graduate from college than a child with no savings account. These findings lead to policy implications that are also discussed.

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... In this paper we do not go into a review of research on children's savings and children's college expectations because it is covered in Elliott (2013) and (Elliott, Choi, Destin, & Kim, 2011;Elliott, Destin, & Friedline, 2011). Further, Elliott (2013), Elliott, Song, and Nam (2013), go into great detail on the theory underlying the analysis in this paper. Therefore, we do not repeat it here. ...
... In addition to building on Elliott and Beverly (2011), this study is one of four papers in a series that examines college enrollment and college graduation. As such, we ask the same three research questions asked in the other three papers (Elliott, 2013;Elliott et al., 2013;Friedline, Elliott, & Nam, 2013). However, in this study each of the questions is asked using separate samples of black, white, low-and moderate-income, and high-income children who expect to graduate from a two-year or four-year college. ...
... However, when the sample is disaggregated we are able to learn more about the groups for whom small-dollar accounts might be most effective. When we disaggregate the data by income among highexpectation children, our findings are similar to Elliott et al. (2013) who find that having even small amounts of money (i.e., $1 to $499) improves the odds that LMI children will graduate. Similar to what Elliott et al. (2013) find we also find that school savings of less than $1 reduces the odds that an LMI child graduates from college. ...
Article
This is paper four of four in the Small-Dollar Children's Savings Account series, which studies the relationship between children's small-dollar savings accounts and college enrollment and graduation. This series of papers examines three important research questions using different subsamples: (a) Are children with savings of their own more likely to attend or graduate from college? (b) Does dosage (i.e., having no account, only basic savings, savings designated for school [of less than $1, $1 to $499, or $500 or more]) matte? And (c) is having savings designated for school more predictive than having basic savings alone? In this study we use a sample of children who expect to graduate college prior to leaving high school as a way of looking at wilt. In this study “wilt” occurs when a child who expects to graduate from college while in high school does not graduate college by 2009. Using propensity score weighted data from the Panel Study of Income Dynamics (PSID) and its supplements we created multi-treatment dosages of savings accounts and amounts to answer the previous questions. We find that in the aggregate children who expect to graduate college prior to leaving high school (high-expectation children) and who designate savings for school of $500 or more are about two times more likely to graduate college than high-expectation children with no account. High-expectation low- and moderate-income (LMI) children who designate school savings of $1 to $499 and $500 or more are about three times more likely to graduate college than LMI children with no account. Further, high-expectation black children who have school savings of $500 or more are about two and half times more likely to graduate from college than their counterparts with no savings account.
... • Assets may help make attaining human capital credentials more likely (AEDI, 2013), particularly for low-income students. For instance, research shows that 5 percent of low-income students (household income below $50,000) with no account, 13 percent who have an account but less than $1 saved, 25 percent who have school savings of $1-$499, and 33 percent of students who have school savings of $500 or more graduate from college (Elliott, Song, & Nam, 2013). ...
... For example, 45 percent of students from the wage-earner class (in this study defined as household income below $50,000) with no savings accounts enroll in college. That compares to 71 percent with at least one dollar of school savings, 65 percent with school savings from $1 to $499, and 72 percent of students with school savings of more than $500 (Elliott, Song, & Nam, 2013). Of course, enrolling in college is not only a question of financial preparedness; evidence suggests that the longer term challenge of ensuring that students are academically equipped to succeed in college might be just as important (Heckman & Masterov, 2007). ...
... AEDI's review of the research suggests that in contrast to high-dollar student loans, which show some negative effects on college graduation, college savings improve a student's chances of making it all the way to graduation. The results are encouraging, though not yet definitive: 5 percent of wage-earner class (below $50,000) students with no account, 13 percent who have school savings but less than one dollar saved, 25 percent who have school savings from one dollar to $499, and 33 percent of students who have school savings of $500 or more graduate from college (Elliott, Song, & Nam, 2013). There are several ways in which this relationship may unfold, all of which warrant additional study. ...
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In this year of the 50th anniversary of the War on Poverty, America stands at a crossroads. More Americans than ever question the calculus of the American dream: that effort and ability produce an opportunity for significant economic advancement. Meanwhile, a growing polarization of wealth decimates the middle class in size and in spirit. Underlying this malaise is the declining power of labor to deliver economic rewards: wages no longer rise with productivity, making it harder than ever for Americans to work their way out of poverty. We posit that work effort can at best only secure a minimal standard of living in the modern economy. Households need assets to advance economically. Working locates an individual on a rung of the economic ladder, but capital (financial and human) is needed to climb to higher rungs. Those locked out of the labor market—whether due to structural, individual, or multiple factors—are even worse off, unable to hope that their dependence on transfers and social insurance will do any more than move them into the ranks of the very nearly poor. It is hard to imagine a reality significantly different than today’s without examining the essential role of institutions in asset accumulation. Evidence suggests that Americans mostly save in accordance with their savings environment, rather than out of a particular, innate, predisposition toward asset building (Schreiner & Sherraden, 2007). In many ways, this should be reassuring, for it suggests that changing our institutions may bring considerable improvements in asset outcomes, without needing to alter how people think about and make financial decisions. Conversely, there is reason to believe that our current bifurcated welfare system—characterized by support for consumption among low-income Americans and support for asset development among wealthier Americans—creates unequal opportunities for achieving financial security and the ability to pursue one’s aspirations. Our current system, then, may be not only inadequate as a vehicle for economic mobility for all Americans, but in fact a force that exacerbates inequity. As described in this report, analyzing the relationships between income and assets, and the social policies that deliver both, may chart a way forward. This report maintains that assets have the potential to increase wealth, income, and educational attainment, so policies that build assets may very well counteract intergenerational poverty if they are combined with strategies to build income and transfers. The policy intervention envisioned here is Economic Mobility Accounts (EMAs). EMAs would provide opportunities for progressive, lifelong, universal, asset-building savings for Americans at specific life stages, as well as create repositories of emergency savings. The specific asset investments to be encouraged would vary, depending on whether the EMA was being delivered to a youth for higher education, to a young adult to support financial independence, or to a middle-aged adult to encourage retirement savings or expenditures on children’s education. Youth EMAs derive from the established body of evidence linking assets and educational outcomes. Building on this asset empowerment within the financial aid system, young adult EMAs would seek to help young Americans grow asset bases even while they discharge debt, by supporting positive balance sheet development and reorienting student aid policies toward building economic mobility. And EMAs for middle-aged adults would continue the trajectory of pro-savings behaviors by augmenting the flawed and inequitable 401(k) system with accounts funded, at least in part, through adequate public transfers. These investments would work in concert to build transformational assets across the lifespan and to encourage low-income Americans to save.
... Raising further doubts about the role of income, Elliott (2013a) finds that income shocks-a 25% or greater decrease in income-are positively related to college completion. This finding echoes recent evidence that income is negatively related to college completion among all (Elliott, 2013b), Black (Friedline, Elliott, & Nam, 2013), and low-to moderate-income children (Elliott, Song, & Nam, 2013a), when accounting for family assets. Potential explanations for this counterintuitive evidence include low-income students' propensity to enroll in two-year degree programs, and higher-income parents with more information about the financial aid process purposely limiting their income to increase aid eligibility. ...
... Research suggests that simply providing low-and moderate-income children and Black children with an account might have a positive effect on whether they enroll in college, even if their eventual savings for school are very small (Elliott, Song et al., 2013a;Friedline, Elliott, & Nam, 2013). While it is not clear in Figure 8 that having savings reduces the college enrollment gap at all savings levels, descriptive data indicate that the percentage of children who enroll in college from each income and racial group is higher when they have savings for school than when they have no account as a child. ...
... Multivariate statistics support the contention that having school savings as a child improves the chances that lowincome and Black children will enroll in college. For example, a low-to moderate-income or Black child who has school savings of $1 to $499 before reaching college age is about three times more likely to enroll in college than a Black child with no savings account (Elliott, Song, et al., 2013a;Friedline, Elliott, & Nam, 2013). ...
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The Assets and Education Initiative (AEDI) is an office in the University of Kansas School of Social Welfare (http://aedi.ku.edu). Its mission is to create and study innovations related to assets and economic well-being, with a focus on the relationship between children’s savings and the educational outcomes of low-income and minority children as a way to achieve the American dream. The Context of Our Work New directions for theory, research, and policy emerged with the publication of Sherraden’s seminal book, Assets and the Poor (1991), which distinguished assets from income in terms of their impact on well-being, introducing the concept of asset-based social welfare policies. The introduction of asset building into the social sciences set off a firestorm of development over the last 20 years, leading to the documentation of the promising effects of assets and subsequent enactment of assetbuilding programs. Initially, much of this development focused on families’ and households’ asset building and well-being. The American Dream Demonstration (ADD) began in 1998, run by the Corporation for Enterprise Development, to test whether lower-income families and households could save in subsidized savings accounts, referred to as Individual Development Accounts (IDAs). The five-year ADD concluded with promising results, and the long-term effectiveness of IDAs is still being tested (Richards & Thyer, 2011). During that same year, the Assets for Independence (AFI) Act was passed into law, which established a federal grant program to provide nonprofits and government agencies with funds to offer IDAs to lower-income families and households. As a result, there are over 200 AFI-supported IDA programs nationwide (U.S. Department of Health and Human Services, 2012). IDAs were originally proposed as accounts that would be automatically available to every citizen in the United States, accrue interest, and limit or restrict use to preapproved expenses like home ownership, microenterprise, or education. Account holders whose annual incomes fell below certain thresholds would be eligible to receive subsidies to incentivize and support their saving. Sherraden initially proposed that IDAs would be opened early in life—ideally, at birth—to promote asset building and well-being across the life span. Sherraden (1991) writes, “Because asset-based welfare is a long-term concept, some of the best applications of IDAs would be for young people. Young people would be given specific information about their IDAs from a very early age, would be encouraged to participate in investment decisions for the accounts, and would begin planning for use of the accounts in the years ahead” (p. 222). As implemented, however, IDAs are short-term, assetbuilding programs to assist families and households temporarily in establishing and maintaining self-sufficiency. The gap between IDA proposals and their implementation created an opening for another savings vehicle that young people could access. These are often called children’s savings accounts (CSAs). In addition to retaining the features of IDAs, such as universal availability and subsidies for young people whose families and households meet income eligibility guidelines, CSAs were to be opened automatically at birth. This way, young people could experience improved well-being as a result of this long-term approach to asset-building. CSAs were tested in the field beginning in 2003 with the Saving for Education, Entrepreneurship, and Downpayment (SEED) initiative, a national demonstration project in 12 locations across the country. Shortly thereafter, the America Saving for Personal Investment, Retirement, and Education (ASPIRE) Act was introduced in Congress to establish a national CSA policy that would open savings accounts automatically for all young people at birth. As a concept, CSAs represent recognition of children’s savings as a strategy for improving well-being. During the past two decades, a concerted, nationwide effort has sought to extend IDA-type accounts to children, with particular emphasis on access for those from lower-income households. Key features of CSA program and policy design, including universal and automatic access, enhance the impact on this target population by distributing accounts in a way that is equitable and less dependent on individual households’ financial resources. This means that access to savings accounts would not depend on whether a local bank offers a savings program or families and households have a surplus of financial resources to open accounts for their children. While CSAs are meant to promote asset accumulation for homeownership, retirement, and capitalizing a business venture, there are important reasons for focusing CSAs on higher education. Of 801 registered voters surveyed, 40% believe that making education more affordable should be the top priority of government. No other priority garnered favor from a larger proportion of study participants (Goldberg, Friedman, & Boshara, 2010). Similarly, 58% of registered voters in the study thought that the most effective use for CSAs would be to help families save for college. In the past, education research has given considerable attention to income (Axinn, Duncan, & Thornton, 1997; Brooks-Gunn & Duncan 1997; Duncan, Brooks-Gunn, & Smith, 1998) and excluded assets as a key variable in making use of economic capital. However, in the last several years, the education and policy fields have shown increased interest in the possibilities of using assets to improve children’s educational outcomes. Interest in CSAs has led to a growing need for turning research into action. It is no longer good enough for the field simply to do good research.
... For example, 45% of low-or moderate-income students with no savings accounts enroll. That compares to 71% with more than $1 of school savings, 65% with school savings from $1 to $499, and 72% of students with school savings of over $500 (Elliott, Song, & Nam, 2013a). Of course, enrolling in college is not only a question of financial preparedness; evidence suggests that the longer term challenge of ensuring that students are academically equipped to succeed in college is just as important. ...
... In contrast to high-dollar student loans, which show some negative effects on college graduation, research suggests that college savings improve a student's chances of making it all the way to graduation. The results are dramatic: 5% of low-and moderate-income (below $50,000) students with no account, 13% who have school savings but less than $1 saved, 25% who have school savings from $1 to $499, and 33% of students who have school savings of $500 or more graduate from college (Elliott, Song, & Nam, 2013a). There are several ways in which this relationship may unfold, all of which warrant additional study. ...
... Source. Elliott, Song, and Nam (2013a). ...
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The Assets and Education Initiative (AEDI) is an office at the University of Kansas’s School of Social Welfare (http://aedi.ku.edu/). AEDI’s mission is to create and study innovations related to assets and economic well-being, with a focus on the relationship between children’s savings and the educational outcomes of low-income and minority children as a way to achieve the American dream. In today’s financial aid landscape, advancing this mission requires attending not only to the role of assets in shaping educational attainment and equity, but also understanding the effects of high levels of student borrowing on the long-term financial health of households. It is our hope that our research on these matters adds to the national conversation about the relative impacts of different approaches to college financing. We believe in higher education as a path to economic mobility and an essential means of sustaining the American dream. We look forward to imagining, together, how asset-based financial aid can make higher education a more valuable proposition for all of America’s students—especially those disadvantaged in the current system—and to discussing how the institution of student loans could be modified to better complement these aims.
... Designed correctly, CSAs can deliver transformative asset opportunities, ideally through automatically-opened accounts, to every American child, along with meaningful opportunities to experience success as a college saver. Largely through the mechanism of increased postsecondary expectations and the creation of an institution that facilitates children's aspirations, assets can improve equity in the postsecondary education system, improving outcomes for disadvantaged students, even at relatively low levels of actual asset accumulation (e.g., Elliott, Song, & Nam, 2013;Huang, Sherraden, Kim, and Clancy, 2014). To succeed as an alternative to student borrowing, however, CSAs will need to be capitalized adequately to confront actual college costs, requiring far greater investment than needed to trigger the asset effects found in CSA research, and far greater levels of asset accumulation than realized in most CSA programs (see Mason, et al., 2013). ...
... In line with this, researchers find an association between having savings designated for college and college enrollment. For example, Elliott, Song, & Nam (2013) find that 45 percent of students from low-and moderateincome families (annual incomes below $50,000) with no savings accounts enroll in college. That compares to 65 percent with school savings from $1 to $499 and 72 percent of students with school savings of over $500. ...
... In contrast to high-dollar student loans, which show some negative effects on college graduation, evidence suggests that college savings may improve a student's chances of persisting through graduation. The results are encouraging, though not yet definitive: five percent of low-and moderate-income (below $50,000) students with no account, 25 percent who have school savings from $1 to $499, and 33 percent of students who have school savings of $500 or more graduate from college (Elliott, Song, & Nam, 2013; for a review of research, Assets and Education Initiative, 2013). There are several ways in which this relationship may unfold, all of which require additional study. ...
Technical Report
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In this report we posit that over-reliance on the student loan program is weakening the ability of the education path to act as the great ‘equalizer’ it is meant to be. Instead of dedicating our policy attentions to solving the problems created, exacerbated, or hastened by student loan reliance, we have mostly moved the goalposts, no longer expecting student loans to be a pillar of educational opportunity and equity. Policies respond to the angst that results from damage leveled by the status quo—by delaying requirements for debt repayment, suggesting different educational paths to reduce costs, and advising students to become more educated consumers—but without striking at the roots of the problem. When confronted by evidence of the potential harms—educational, economic, social—wrought by existing debt levels, we attempt to soothe with temporary and partial ‘fixes’ and console ourselves with the notion that most “students will eventually recover.” We contend that the impetus for these well-intentioned but ultimately short-sighted approaches stems in part from an incorrect and incomplete preoccupation with debt levels—for individual students and in the aggregate—as the indicator, an emphasis which may potentially confuse the debate.
... Compared to children without CDAs, those from low-and moderateincome backgrounds who have CDAs have demonstrated improved socioemotional outcomes (e.g., self-regulation, compliance, and interaction with others) (31) and mental health outcomes (e.g., self-rated mental health functioning) (32). Youths randomized to receive CDAs were also three times more likely to attend college and four times more likely to graduate (33). Experts have theorized that parental attitudes and behavior may mediate the impact of the savings accounts on youths. ...
Article
The Biden-Harris Administration’s FY22 budget includes $1.6 billion for the Community Mental Health Services Block Grant program, more than double the FY21 allocation, given the rising mental health crises observed across the nation. This is timely since there have been two interrelated paradigm shifts: one giving attention to the role of the environmental context as central in mental health outcomes, the other moving upstream to earlier mental health interventions at the community level rather than only at the individual level. An opportunity to reimagine and redesign the agenda of mental health research and service delivery with marginalized communities opens the door to more community-based care interventions. This involves establishing multisector partnerships to address the social and psychological needs that can be addressed at the community level rather than the clinical level. This will require a shift in training, delivery systems, and reimbursement models. The authors describe the scientific evidence justifying these programs and elaborate on opportunities to target investments in community mental health that can reduce disparities and improve well-being for all. They select levers where there is some evidence that such approaches matter substantially, are modifiable, and advance the science and public policy practice. They conclude with specific recommendations and the logistical steps needed to support this transformational shift.
... Whereas LMI children may commonly see their families unable to pay bills, buy a washer and dryer, or afford groceries, for example, HI children may commonly see their parents paying bills, providing for basic needs, and much more. An important implication of this finding is that it might be more impactful to use public funds to design children's savings policies that target LMI children and not HI children because they may receive the maximum benefit from such policies (for a more detailed discussion on this, in this issue see Elliott, Song, & Nam, 2013). Elliott and Nam (2012) examine whether there are differences in children's savings effects by race. ...
Article
This is paper one of four in the small-dollar children's savings account series, which, studies the relationship between children's small-dollar savings accounts and college enrollment and graduation. This series of papers uses different subsamples to examine three important research questions: (a) are children with savings of their own more likely to attend or graduate from college? (b) does dose (i.e., having no account, only basic savings, savings designated for school [of less than $1, $1 to $499, or $500 or more]) matter? and (c) is having savings designated for school more predictive than having basic savings alone? Paper one of this series uses aggregate data from the newest wave of the Panel Study of Income Dynamics (PSID) and its supplements. Propensity score weighted findings suggest that children who have a small amount of money (e.g., less than $1 or $1 to $499) designated for school are 3 times and 2.5 times more likely, respectively, to enroll in and graduate from college, respectively, than children with no account. Findings also show that having savings designated for school might have a stronger effect on relationship with children's college outcomes than having basic savings that can be used for any purpose. The paper concludes by explaining how policies that create national children's savings programs might help cue a psychological process in which children form an identities as college-savers.
... In other words, what difference can such a small amount make in the overall scheme of postsecondary education financing? However, research shows that having even a small amount of savings designated for schoolwhat researchers refer to as small-dollar accounts-can have a positive effect on students' enrollment and persistence in postsecondary education through graduation (see for example,Elliott, Song, & Nam, 2013). ...
... And Canadian families are behaving in ways that at least create the possibility for such effects; in 2007, more than 93% of RESP accounts had at least $1 deposited, and approximately 65% had at least $500 (HRSDC, 2009). Although this reveals a sizable minority of RESP 'savers' with very little account activity, these amounts are potentially significant, given research linking savings at this level to improved educational outcomes, including post-secondary education enrollment and graduation (Elliott, Song, & Nam, 2013b). ...
Technical Report
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As support for CSAs builds, U.S. advocates are focusing on building a national structure but face significant questions about how to best proceed. To help inform these deliberations, the Assets and Education Initiative (AEDI) and New America Foundation, with funding from the Ford Foundation, conducted an exploratory investigation of Canada’s education savings system, where policy tools to facilitate asset accumulation and encourage household saving may provide useful lessons for the U.S. experience.
... A few studies have argued the important role of college savings Elliott, Song, & Nam, 2013). When parents open college savings accounts, students were more likely to report paying for their college attendance with family contributions . ...
Article
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Because of the continuing increase in college costs and the need for a college education, the use of student loans has affected many individuals and households in the United States. Researchers and policy-makers need a comprehensive review of literature to understand the determinants and consequences of student loans. This article provides information on the current trends in student loans, reviews the effect of education loans on college enrollment and career decisions, as well as the effects on personal life decisions. Implications for future research related to methodology, information, and the decision-making process for an at-risk population are offered.
... Programs or interventions targeted at youth in developing countries could promote asset ownership as a way to improve future orientation, which in turn, leads to other positive behavioral outcomes for youth and their families. In the United States, savings owned by youth have a direct positive impact on college enrollment (Elliott & Nam, 2012;Elliott, Song, & Nam, 2013). Assets owned by families also have positive effects on youth academic achievement (Chowa, Masa, Wretman, & Ansong, 2013). ...
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Although future orientation influences a variety of desirable behaviors, few studies have examined the relationship between economic resources and future orientation. In this study, we investigated whether and how asset ownership influences future orientation. We analyzed survey data collected from 3,007 Ghanaian youth and their parents. We used factor analysis to determine the psychometric qualities of our instruments, and propensity score analysis to examine the relationship between asset ownership and future orientation. Results suggest that asset ownership influences future orientation of youth and their parents. However, the direction of the relationship depends on the type of asset. Ownership of household possessions, including televisions contributes to higher levels of future orientation, but livestock ownership has a negative effect on future orientation. We discuss implications for future research, as well as programs for youth and their families.
... For example, educational 529 child savings accounts significantly reduce the amount of debt college students need to take on, and having access to savings makes it more likely that a person will enroll in and graduate from college. 36 Currently, Black Americans are 14 percentage points less likely than White Americans to have a bachelor's degree -and we know that high school graduates make at least $1 million less in a lifetime than college graduates. 37 In addition, though institution-facilitated asset building (e.g., 401(k) matching) is a wellaccepted component of professional compensation within health care, wealth building targeting Black staff in particular is not. ...
... CSAs align with the ideals of personal responsibility because they require students and their families to help pay for college by saving. A growing body of literature (Elliott, Song, and Nam, 2013) supports the potential for positive educational outcomes from asset accumulation, which has led to CSA program innovation and momentum around the country. However, the political window created by the perception of a student loan crisis and the growing discontent with the U.S. college financing system may be the path by which CSAs garner sufficient traction to grow to scale. ...
Article
Postsecondary education costs in the United States today are rising with an increasing shift from societal responsibility to individual burden, thereby driving greater student borrowing. Evidence suggests that (i) such student debt may have undesirable educational effects and potentially jeopardize household balance sheets and (ii) student loans may better support educational attainment and economic mobility if accompanied by other, non-repayable financial awards. However, given declines in need-based aid and falling state support for postsecondary costs, policymakers and parents alike have failed to produce a compelling complement to debt-dependent financial aid that is capable of improving outcomes and forestalling assumption of ever-increasing student debt for a majority of U.S. households. This article, which relies on longitudinal data from the Educational Longitudinal Study, finds parental college savings may be an important protective factor in reducing debt assumption. However, several other factors increase the likelihood students will borrow: perceiving financial aid as necessary for college attendance, expecting to borrow to finance higher education, having moderate income, and attending a for-profit college. After controlling for student and school variables, the authors find that parental college savings increase a student's chance of accumulating lower debt (less than $2,000) compared with students lacking such savings. Policy innovations to increase parental college savings- such as children's savings accounts-could be an important piece of the response to the student debt problem in the United States.
... There was no significant association among households earning above $50,000. Previous research has also categorized households at similar income levels (Elliott, Song, & Nam, 2013). Missing data were minimal, and mostly ranged between 0% and 4%. ...
Article
This study extends research on financial inclusion by exploring the composition of financial services within communities. Using propensity-score-adjusted probit regression, we explored associations with savings account ownership using restriscted-access, cross-sectional data from the 2015 National Financial Capability Study with merged financial services and community demographic data. Living in communities where the density of banks and credit unions outnumbered that of alternative financial services was associated with lower-income households’ greater probability of owning a savings account, all else being equal. These results have implications for efforts aiming to improve financial inclusion.
... In terms of the potential influence of owning savings accounts for children's higher education on parental college expectations, this theory suggests "(p)agents with assets may perceive and plan a brighter future for their children; this plan, in turn, may positively affect parenting behaviors, expectations for their children's education, and ultimately may affect their children's educational attainment" (Zhan & Sherraden, 2011, p.3). Similarly, by emphasizing psychological asset effect, Elliott, Song, and Nam (2013) found that children who even have small-dollar college savings accounts (less than $499) are 70 percent more likely to go to college than otherwise similar children who have no savings for college. ...
Article
Given the high college costs and inadequate financial aid available to students today, college savings are a promising strategy to pay for higher education. This study is designed to test the effect of parents’ savings for college on their children’s two-year or four-year college enrollment among students from families with low incomes, hypothesizing the statistically significant and positive association between college savings and college attendance. In addition, this study pays special attention to the mediating role between college savings and college attendance of parents’ college expectations and discussions about college plans with their children. This study utilizes the Education Longitudinal Study (2002/06) with families with household incomes at or below 185 percent of federal poverty guidelines (FPL). Since the outcome variable, two-year or four-year college attendance, is polytomous, multinomial logistic regression analyses were used. To test mediation effects, both the Baron and Kenny approach and multiple mediation bootstrapping were employed. Results of this study suggest college savings are significantly associated with parental college expectations, parent-child discussions about college, and two-year college attendance. Both parental expectations and discussions about attending college mediate the relationship between college savings and college attendance. Implications for policy and practice are discussed.
... In addition, Dondero & Humphries (2016) concluded that the environment or people in the society also contributed to the parents' saving pattern. Elliot, Song, & Nam (2013) proved that savings play an important role prior the enrollment of tertiary education. The children who were categorized into low and moderate income groups (below $50,000; n=512) and high income group ($50,000 or above; n=345) were chosen to be the respondents of the study. ...
... Further supporting doubts about the importance of income, evidence suggests that a 25% or greater decrease in income positively predicts college completion (Elliott, 2013a). Similarly, recent evidence that accounts for variation in family assets suggests income is negatively related to college completion among all (Elliott, 2013b), black (Friedline, Elliott, & Nam, 2013), and low-to-moderate income children (Elliott, Song, & Nam, 2013). This negative relationship is counterintuitive, but could reflect a number of patterns, including: 1) the propensity of low-income students to enroll in two-year degree programs, which are easier and less costly to complete; 2) the financial challenge college poses to families whose income is just slightly too high to qualify for means-tested financial aid; and 3) the ability of higher-income parents (who possess more information about the financial aid process) to "game" the system, purposely limiting their income to increase aid eligibility. ...
Article
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American society reflects considerable class immobility, much of which may be explained by the wide gaps in college completion rates between economically advantaged and disadvantaged groups of students. First, we discuss the factors that lead to unequal college completion rates and introduce assets as an explanation often ignored by stratification scholars. We then discuss how a legacy of wealth inequality has led to wealthy students having an advantage at the financial aid bargaining table over low-income and minority students. We conclude by discussing how asset-building policies such as children's savings accounts offer a potential policy strategy to alter the distributional consequences of the current financial aid system and help level the playing field.
Chapter
Over the last two decades, a growing number of researchers and policy makers have endorsed asset building as a strategy for improving young people’s well-being, specifically by extending savings accounts early in life. There are several reasons why extending savings accounts to young people, such as children, adolescents, and young adults, might prove beneficial. First, extending savings accounts to young people lays the foundation for connecting them to mainstream banking institutions and teaching them about saving. It is hoped that young people can build upon this foundation by remaining connected to mainstream banking institutions, diversifying their asset portfolios, and making informed decisions about savings. Second, the greatest benefits may occur when young people begin saving early in life (Sherraden 1991; Sherraden et al. 2012). This is because the effects of saving are believed to compound over time. If the savings goal is several years away, people have a longer time to develop a habit of saving, to become educated and savvy financial consumers, and to invest emotionally and financially into their accounts. For example, a young person who has a savings account from birth has 18 years to benefit from the account, ranging from gaining entrée into banking institutions to accumulating savings for college. Third, young people are already prepared to begin saving early in life because they affirm saving as a socially desirable behavior around ages five and six (Ward, Wackman, and Wartella 1977). When young people have savings accounts and participate in saving, the experience may reinforce their perceived social norms and capitalize on a key moment in their development (Elliott et al. 2010). Fourth, research links young people’s savings accounts with financial and educational outcomes (Elliott, Destin, and Friedline 2011; Elliott et al. 2012; Friedline, Elliott, and Nam 2012a). The linkage between savings accounts and college graduation, for example, gives insight into young people’s ability to develop their human capital. Ultimately, savings accounts may help young people lead productive and satisfying lives.
Chapter
This chapter first presents different definitions of poverty. Next, it explains the characteristics of financial decisions made by low-income individuals. This discussion is followed by descriptions of financial decision-making among three particularly vulnerable population groups: older people, children, and single mothers. Several explanations have been offered for the economic choices of low-income individuals. First, the financial environment can facilitate certain financial behaviours. Second, the characteristics of low-income individuals have been shown to negatively affect financial decision-making. Third, living in poverty with its limited access to credit and its higher risk of income and health shocks restricts low-income households' flexibility to cope with financial mistakes. Fourth, analysis of mental processes shows that resource scarcity limits self-control, reduces cognitive resources, and causes stress, fear and anxiety, which leads to short-sighted, risk-averse decisions while neglecting ongoing or longer-term problems. The chapter gives an overview of current theories and research on each of these topics.
Article
The use of savings products to promote financial inclusion has increasingly become a policy priority across sub‐Saharan Africa, yet little is known about how families respond to varying levels of savings incentives and whether the promotion of incentivized savings in low‐resource settings may encourage households to restrict expenditures on basic needs. Using data from a randomized controlled trial in Uganda, we examine: (1) whether low‐income households enrolled in an economic‐empowerment intervention consisting of matched savings, workshops, and mentorship reduced spending on basic needs and (2) how varied levels of matching contributions affected household savings and consumption behavior. We compared primary school‐attending AIDS‐affected children (N = 1,383) randomized to a control condition with two intervention arms with differing savings‐match incentives: 1:1 (Bridges) and 1:2 (Bridges PLUS). We found that: (1) 24 months post‐intervention initiation, children in Bridges and Bridges PLUS were more likely to have accumulated savings than children in the control condition; (2) higher match incentives (Bridges PLUS) led to higher deposit frequency but not higher savings in the bank; (3) intervention participation did not result in material hardship; and (4) in both intervention arms, participating families were more likely to start a family business and diversify their assets.
Article
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This cross-sectional study examined the relationships between asset type and academic achievement among Ghanaian junior high school students. Results suggest that the positive relationship between asset ownership and academic achievement depends on the type of asset and academic subject. Homeownership was positively and significantly associated with math achievement. Ownership of transport-related assets was positively and significantly associated with English achievement. Findings have implications for asset-building programs to promote academic proficiency and progress for all youth.
Article
A question of interest in children's savings research asks whether there are unique effects on children's later savings when savings accounts are opened in their names earlier in life, either independently from and or simultaneously with accounts in which parents save on children's behalf. Using longitudinal data from the Panel Study of Income Dynamics, this study created a combined measure of children's (ages 12-19) and parents' savings account ownership to predict savings outcomes in young adulthood (ages 20-25). All possible combinations of children's and parents' account ownership were significantly related to young adults' savings account ownership; however, only children's savings account ownership was significantly related to savings accumulation. Implications for the independent effects of savings accounts in children's names are discussed. © 2014 Association for Financial Counseling and Planning Education®. All rights of reproduction in any form reserved.
Article
This special issue of Economics of Education Review explores the role of savings and asset holding in post-secondary educational achievement. Most college success research has focused on income rather than assets as a predictor, and most college financing policy has focused on tuition support and educational debt, rather than asset accumulation. Nevertheless, there is compelling evidence that household asset holdings, especially savings for education, may have a pronounced positive influence, independent from income, in post-secondary educational success. Moreover, the fundamental reality is that savings plays a role, even though sometimes small, in college financing for most households. For these empirical and practical reasons, it may be important to pay greater attention to savings and asset holding for education in the future than we have in the past. The articles in this volume contribute empirical evidence, theoretical understanding, and potential policy directions regarding saving, asset holding, and educational achievement.
Presentation
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See my report #4 for research and suggestions on post permanency support for children with experience in foster care.
Article
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We study rare events data, binary dependent variables with dozens to thousands of times fewer ones (events, such as wars, vetoes, cases of political activism, or epidemiological infections) than zeros ("nonevents"). In many literatures, these variables have proven difficult to explain and predict, a problem that seems to have at least two sources. First, popular statistical procedures, such as logistic regression, can shar ply underestimate the probability of rare events. We recommend corrections that outperform existing methods and change the estimates of absolute and relative risks by as much as some estimated effects repor ted in the literature. Second, commonly used data collection strategies are grossly inefficient for rare events data. The fear of collecting data with too few events has led to data collections with huge numbers of obser vations but relatively few, and poorly measured, explanator y variables, such as in international conflict data with more than a quarter-million dyads, only a few of which are at war. As it turns out, more efficient sampling designs exist for making valid inferences, such as sampling all available events (e.g., wars) and a tiny fraction of nonevents (peace). This enables scholars to save as much as 99% of their (nonfixed) data collection costs or to collect much more meaningful explanator y variables. We provide methods that link these two results, enabling both types of corrections to work simultaneously, and software that implements the methods developed.
Article
Full-text available
The natural log and categorical transformations commonly applied to wealth for meeting the statistical assumptions of research may not always be appropriate for adjusting for skewness given wealth’s unique properties. Finding and applying appropriate transformations is becoming increasingly important as researchers consider wealth as a predictor of well-being. We present an alternative transformation—the inverse hyperbolic sine (IHS)—for simultaneously dealing with skewness and accounting for wealth’s unique properties. Using the relationship between household wealth and youth’s math achievement as an example, we apply the IHS transformation to wealth data from US and Ghanaian households. We also explore non-linearity and accumulation thresholds by combining IHS transformed wealth with splines. IHS transformed wealth relates to youth’s math achievement similarly when compared to categorical and natural log transformations, indicating that it is a viable alternative to other transformations commonly used in research. Non-linear relationships and accumulation thresholds emerge that predict youth’s math achievement when splines are incorporated. In US households, accumulating debt relates to decreases in math achievement whereas accumulating assets relates to increases in math achievement. In Ghanaian households, accumulating assets between the 25th and 50th percentiles relates to increases in youth’s math achievement.
Article
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This paper has two main goals. First, we provide a review of 34 studies on the relationship between assets and children's educational attainment. Second, we discuss implications for Child Development Accounts (CDAs) policies. CDAs have been proposed as a potentially novel and promising asset approach for helping to finance college. More specifically, we propose that CDAs should be designed so that, in addition to promoting savings, they include aspects that help make children's college-bound identity salient, congruent with children's group identity, and that help children develop strategies for overcoming difficulties.
Article
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‘Wilt’ occurs when a young person in high school expects to attend college but does not do so shortly after graduating. In this study we find that youth with no savings account in their own name are more likely to experience wilt than any other group examined. In multivariate analysis, young people who expect to graduate from a four-year college and have an account are approximately six times more likely to attend college than those with no account. Teens who expect to graduate from a four-year college and have designated a portion of their savings for college are approximately three times more likely to attend college than those with no account. Additionally, when savings are taken into account, academic achievement is no longer a significant predictor of college attendance. Policy implications are discussed.
Article
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Using evidence from an 18-year British follow-up study this paper examines whether saving during adolescence is linked to saving in adulthood. A contextual development model of saving behavior is tested, examining the interplay between socioeconomic family background, parenting style, economic socialization, adult socioeconomic attainments, and saving behavior in adolescence and adulthood. The findings suggest that saving at age 16 is linked to saving at age 34, and that socialization experiences during adolescence, as well as own social status and income, shape the savers that we become.
Article
Full-text available
A new model of consumer behavior is developed using a hybrid of cognitive psychology and microeconomics. The development of the model starts with the mental coding of combinations of gains and losses using the prospect theory value function. Then the evaluation of purchases is modeled using the new concept of “transaction utility.” The household budgeting process is also incorporated to complete the characterization of mental accounting. Several implications to marketing, particularly in the area of pricing, are developed.
Article
Full-text available
We investigate the roles of parents' economic resources in children's educational attainment with special attention to assets. Using data from the Panel Study of Income Dynamics, we find that parents' liquid assets have significantly positive associations with years of schooling, high school graduation, and college attendance, but not on college graduation. The results also show a complicated relationship between negative liquid assets and educational attainment: children from negative liquid asset households have a higher chance of finishing high school but a lower chance of graduating college than those from zero liquid asset households. Children from high liquid asset households are more likely to graduate high school and enter college. Findings indicate that we should consider assets when seeking to understand educational mobility. It is also suggested that asset building policies for children's education may expand children's opportunity to get higher level of education.
Article
Full-text available
Regressions can be weighted by propensity scores in order to reduce bias. However, weighting is likely to increase random error in the estimates, and to bias the estimated standard errors downward, even when selection mechanisms are well understood. Moreover, in some cases, weighting will increase the bias in estimated causal parameters. If investigators have a good causal model, it seems better just to fit the model without weights. If the causal model is improperly specified, there can be significant problems in retrieving the situation by weighting, although weighting may help under some circumstances.
Article
Full-text available
We study rare events data, binary dependent variables with dozens to thousands of times fewer ones (events, such as wars, vetoes, cases of political activism, or epidemiological infections) than zeros ("nonevents"). In many literatures, these variables have proven difficult to explain and predict, a problem that seems to have at least two sources. First, popular statistical procedures, such as logistic regression, can shar ply underestimate the probability of rare events. We recommend corrections that outperform existing methods and change the estimates of absolute and relative risks by as much as some estimated effects repor ted in the literature. Second, commonly used data collection strategies are grossly inefficient for rare events data. The fear of collecting data with too few events has led to data collections with huge numbers of obser vations but relatively few, and poorly measured, explanator y variables, such as in international conflict data with more than a quarter-million dyads, only a few of which are at war. As it turns out, more efficient sampling designs exist for making valid inferences, such as sampling all available events (e.g., wars) and a tiny fraction of nonevents (peace). This enables scholars to save as much as 99% of their (nonfixed) data collection costs or to collect much more meaningful explanator y variables. We provide methods that link these two results, enabling both types of corrections to work simultaneously, and software that implements the methods developed.
Article
Over the last two decades, there has been a significant change in the financing of higher education in the United States. A decrease in student and institutional support in real terms, tuition increases at all types of institutions, along with the view that students are the primary beneficiaries of higher education has resulted in policies that reduce the proportion of higher education costs borne by the federal and state governments. This paper will describe this financing shift in the United States, and analyse its impact on college participation with a particular focus on equity and opportunity. It will also provide an analysis of some questions that European countries should address as they implement their own policies that shift the burden of paying for college from the government to individuals, and as they consider various forms of financial assistance to help students pay for college.
Article
Introduction Americans are undereducated.
Article
Recent findings using traditional regression methods show that children's savings designated for school are associated with higher math scores. We build on this research by using Hierarchical Linear Modeling (HLM) to confirm that children with school savings have higher math scores than those without school savings. Moreover, we suggest children's school savings may have a stronger association with children's math scores than with either household wealth or children's savings not designated for school. Further, we find evidence that children's school savings mediates the relationship between household wealth and math scores. Policy implications for children living in low-wealth households are discussed.
Article
Changes in financial aid policies raise questions about students being asked to pay too much for college and whether parents’ college savings for their children helps reduce the burden on students to pay for college. Using trivariate probit analysis with predicted probabilities, in this exploratory study we find recent changes in the financial aid system place a higher responsibility on African American, Latino/Hispanic, and moderate-income students to pay for college themselves. We also find when parents open a savings account, start a state-sponsored savings plan, or open a college investment fund students are less likely to pay for college with student contributions. Therefore, we suggest in addition to grants and scholarships, policies that encourage accumulation of savings for college among minority and lower income families may help reduce the college cost burden they experience.
Article
Little is known about the impact of assets on low- to -moderate-income (LMI) young adults’ college progress. In this study college progress refers to young adults who were currently enrolled in, or who have a degree from, a 2-year college or a 4-year college. Findings from this study suggest LMI young adults with school savings were more than three times as likely to be on course than LMI young adults without any savings or who had savings but had not designated any of it for school. In regard to net worth, we found no evidence to suggest that higher amounts of negative net worth were statistically significant; however, high positive net worth was associated with LMI young adults college progress. Findings suggest policy instruments designed to assist adolescents to save such as universal Child Development Accounts may be a simple and effective strategy for helping to keep LMI young adults on course.
Article
This is paper four of four in the Small-Dollar Children's Savings Account series, which studies the relationship between children's small-dollar savings accounts and college enrollment and graduation. This series of papers examines three important research questions using different subsamples: (a) Are children with savings of their own more likely to attend or graduate from college? (b) Does dosage (i.e., having no account, only basic savings, savings designated for school [of less than $1, $1 to $499, or $500 or more]) matte? And (c) is having savings designated for school more predictive than having basic savings alone? In this study we use a sample of children who expect to graduate college prior to leaving high school as a way of looking at wilt. In this study “wilt” occurs when a child who expects to graduate from college while in high school does not graduate college by 2009. Using propensity score weighted data from the Panel Study of Income Dynamics (PSID) and its supplements we created multi-treatment dosages of savings accounts and amounts to answer the previous questions. We find that in the aggregate children who expect to graduate college prior to leaving high school (high-expectation children) and who designate savings for school of $500 or more are about two times more likely to graduate college than high-expectation children with no account. High-expectation low- and moderate-income (LMI) children who designate school savings of $1 to $499 and $500 or more are about three times more likely to graduate college than LMI children with no account. Further, high-expectation black children who have school savings of $500 or more are about two and half times more likely to graduate from college than their counterparts with no savings account.
Article
Implications for future generations of college loan program changes are examined. The idea of who should pay for college is explored from the perspective of economic theory. It is concluded that new loan programs must be monitored carefully so they do not shift the burden of college payment from parents to students. (MSE)
Article
Anew model of consumer behavior is developed using a hybrid of cognitive psychology and microeconomics. The development of the model starts with the mental coding of combinations of gains and losses using the prospect theory value function. Then the evaluation of purchases is modeled using the new concept of “transaction utility.” The household budgeting process is also incorporated to complete the characterization of mental accounting. Several implications to marketing, particularly in the area of pricing, are developed. This article was originally published in Marketing Science, Volume 4, Issue 3, pages 199–214, in 1985.
Article
Wealth indicators have not been widely examined in studies of women’s economic well-being and little attention has been paid to assets within female-headed households, specifically. Using SIPP data this study examined factors associated with asset accumulation of female householders. Differences between households with and without children and with and without other adults present in the household were emphasized. Findings indicated the presence of children consistently reduced the likelihood of owning assets but had little impact on equity values when women owned assets. The effect of multiple adults within the household varied depending on the asset held.
Article
In this study, we propose that children who have a savings account may be more likely to have higher math scores than children without a savings account. We find that children’s savings accounts are positively associated with math scores. Children with savings accounts on average score almost nine percent higher in math than children without a savings account. Further, results suggest that children’s savings accounts fully mediate the relationship between household wealth and children’s math scores. However, household wealth moderates the mediating relationship. We find math scores of low-wealth children increase by 2.13, middle-wealth children’s increase by 4.36, while high-wealth children’s increase by 6.59 points. Policy implications are discussed. KeywordsAssets-Child Development Accounts-Math achievement-Panel Study of Income Dynamics-Wealth
Article
Incl. bibl., abstract. Over the last two decades, there has been a significant change in the financing of higher education in the United States. A decrease in student and institutional support in real terms, tuition increases at all types of institutions, along with the view that students are the primary beneficiaries of higher education has resulted in policies that reduce the proportion of higher education costs borne by the federal and state governments. This paper will describe this financing shift in the United States, and analyse its impact on college participation with a particular focus on equity and opportunity. It will also provide an analysis of some questions that European countries should address as they implement their own policies that shift the burden of paying for college from the government to individuals, and as they consider various forms of financial assistance to help students pay for college.
Article
For many children, especially minority and low-income children, attending college is a genuinely desired but elusive goal. Research on aspirations and expectations may provide a way to understand the gap between what children desire and what they actually expect to happen. This study examines the potential role of Children's Development Accounts (CDAs) as a way to reduce the aspirations and expectations gap among at risk children using Panel Study of Income Dynamics (PSID) data. While the vast majority of children without a CDA aspire to attend college (80%), only 39% see it as a realistic possibility in their lives. That is an aspirations/expectations gap of 41 percentage points. Moreover, children with a CDA are nearly twice as likely to expect to attend college than children without a CDA. It appears that when the financing of college is perceived as being under children's own control, college attendance may become more of a reality. Children with a CDA are not only more likely to expect to attend college, they perform better in school. Having a CDA is associated with a 4.57 point increase in math scores. Moreover, findings suggest that children's college expectations act as a partial mediator between CDAs and children's math achievement.
Article
Health services researchers are often interested in the effect of a treatment or a service in situations in which randomization is difficult or impossible. One useful alternative involves propensity score methods, a means for matching members of different groups based on a range of characteristics. Under certain assumptions, comparisons of the matched groups reveal the impact of the treatment of interest. This article reviews propensity score methods and illustrates their use in an analysis of dose response, the relationship between the volume of services received, and treatment outcomes. In mental health policy, this question is central to key issues such as parity. Data for the illustrative analysis are taken from a well-known study of children's mental health services. This analysis estimates the impact of outpatient therapy based on comparisons of individuals receiving different treatment doses. Those comparisons are adjusted for preexisting observed differences among the groups using propensity score methods. The study includes 301 participants aged 5 to 18 years treated at the study sites. The analyses are based on family characteristics and the mental health status of children and adolescents reported in interviews with parents as well as administrative data on service use. Analyses using propensity score matching suggest that added services improve treatment outcomes, especially child functioning. However, at least for the services and outcomes considered, the marginal benefits to high levels of treatment are limited. These analyses illustrate the potential value of propensity score methods to health services researchers.
Article
Estimation of average treatment effects in observational, or non-experimental in pre-treatment variables. If the number of pre-treatment variables is large, and their distribution varies substantially with treatment status, standard adjustment methods such as covariance adjustment are often inadequate. Rosenbaum and Rubin (1983) propose an alternative method for adjusting for pre-treatment variables based on the propensity score conditional probability of receiving the treatment given pre-treatment variables. They demonstrate that adjusting solely for the propensity score removes all the bias associated with differences in pre-treatment variables between treatment and control groups. The Rosenbaum-Rubin proposals deal exclusively with the case where treatment takes on only two values. In this paper an extension of this methodology is proposed that allows for estimation of average causal effects with multi-valued treatments while maintaining the advantages of the propensity score approach.
Article
Estimates using survey data are determined by two factors: the data collected and the survey weights. This paper discusses the design and calculation of a set of consistent weights for the Surveys of Consumer Finances. Taking both these weights and the multiply imputed survey data, the authors look at estimates of changes in the distribution of wealth over the first half of the 1990s. Copyright 1999 by The International Association for Research in Income and Wealth.
Article
We study rare events data, binary dependent variables with dozens to thousands of times fewer ones (events, such as wars, vetoes, cases of political activism, or epidemiological infections) than zeros (“nonevents”). In many literatures, these variables have proven difficult to explain and predict, a problem that seems to have at least two sources. First, popular statistical procedures, such as logistic regression, can sharply underestimate the probability of rare events. We recommend corrections that outperform existing methods and change the estimates of absolute and relative risks by as much as some estimated effects reported in the literature. Second, commonly used data collection strategies are grossly inefficient for rare events data. The fear of collecting data with too few events has led to data collections with huge numbers of observations but relatively few, and poorly measured, explanatory variables, such as in international conflict data with more than a quarter-million dyads, only a few of which are at war. As it turns out, more efficient sampling designs exist for making valid inferences, such as sampling all available events (e.g., wars) and a tiny fraction of nonevents (peace). This enables scholars to save as much as 99% of their (nonfixed) data collection costs or to collect much more meaningful explanatory variables. We provide methods that link these two results, enabling both types of corrections to work simultaneously, and software that implements the methods developed.
Empty promises: The myth of college access in America Washington, DC: Department of Education
  • Acsfa
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Approaching the tipping point: The implications of student loan debt and the need for education debt management
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American Student Assistance (2010). Approaching the tipping point: The implications of student loan debt and the need for education debt management. Washington, DC: American Student Assistance.
Redesigning the financial aid system
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Archibald, R. B. (2002). Redesigning the financial aid system. Baltimore, MD: The Johns Hopkins University Press.
Projections of employment and education demand
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Carnevale, A. P., Smith, N., & Strohl, J. (2010). Projections of employment and education demand 2008-2018. Washington, DC: Georgetown Center on Education and the Workforce.
Small-dollar children's savings accounts and children's college outcomes The role of savings and wealth in reducing " wilt " between expectations and college attendance
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Elliott, W. (submitted for publication). Small-dollar children's savings accounts and children's college outcomes. http://dx.doi.org/10.1016/j.childyouth.2012.12.001. Elliott, W., & Beverly, S. (2011). The role of savings and wealth in reducing " wilt " between expectations and college attendance. Journal of Children and Poverty, 17(2), 165–185.
Small-dollar children's savings accounts and children's college outcomes by race. Children and Youth Ser-vices Review
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  • W Elliott
  • I Nam
Freidline, T., Elliott, W., and Nam, I. (submitted for publication). Small-dollar children's savings accounts and children's college outcomes by race. Children and Youth Ser-vices Review. http://dx.doi.org/10.1016/j.childyouth.2012.12.003.
Promise lost: College-qualified students who don't enroll in colllege
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Hahn, R., & Price, D. (2008). Promise lost: College-qualified students who don't enroll in colllege. Washington, DC: Institute for Higher Education Policy [Retrieved from http://dvppraxis.com/images/_Report_Promise_Lost_College-Qualified_Students_Who_ Don_t_Enroll_in_College.pdf]
College savings match programs: Design and policy (CSD Policy Report 11-28)
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Lassar, T., Clancy, M., & McClure, S. (2011). College savings match programs: Design and policy (CSD Policy Report 11-28). St. Louis, MO: Washington University, Center for Social Development.
The panel study of income dynamics child development supplement: User guide for CDS-II
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Mainieri, T. (2006). The panel study of income dynamics child development supplement: User guide for CDS-II. Ann Arbor, MI: University of Michigan, Institute for Social Research.
Analysis of incomplete multivariate data Stata statistical software: Release 12. College Station
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Shafer, J. L. (1997). Analysis of incomplete multivariate data. London: Chapman & Hall. StataCorp (2011). Stata statistical software: Release 12. College Station, TX: StataCorp LP.
How much are college students borrowing?
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Steele, P., & Baum, S. (2009). How much are college students borrowing? [Retrieved July 31, 2010, from College Board: http://professionals.collegeboard.com/profdownload/cbpolicy-brief-college-stu-borrowing-aug-2009.pdf]
Empty promises: The myth of college access in America
ACSFA (2002). Empty promises: The myth of college access in America (Vol. 2006). Washington, DC: Department of Education.
Education pays 2010: The benefits of higher education for individuals and society. Trends in higher education
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Baum, S., Ma, J., & Payea, K. (2010). Education pays 2010: The benefits of higher education for individuals and society. Trends in higher education. Washington, DC: College Board.
You pay your share, we'll pay our share": The college cost burden and the role of race, income, and college assets
  • W Elliott
  • T Friedline
Elliott, W., & Friedline, T. (2012). "You pay your share, we'll pay our share": The college cost burden and the role of race, income, and college assets. Economics of Education Review [http://dx.doi.org/10.1016/j.econedurev.2012.10.001]