Center on Assets, Education, and Inclusion

  1. Building Bridges, Removing Barriers - Executive Summary

    A majority of US households are struggling financially and are barely able to keep up with their day-to-day expenses let alone invest in their futures. Many struggle to pay their bills and utilities, they forego preventive medical treatment, they do not have savings to deal with financial emergencies, and they are increasingly relying on debt to make ends meet. Moreover, too many households do not have access to the basic bank or savings accounts that they so desperately need to manage their financial lives. Building Bridges, Removing Barriers proposes that financial inclusion—access to basic bank or savings accounts—can operate as a “bridge” to households’ financial health. A bridge is an infrastructural solution that offers safe passage over rough terrain and a connection to new opportunities. For households stranded on islands of financial struggles, a bridge may be a welcomed passageway to secure ground. Households may be able to afford their day-to-day expenses like rent and utility bills and save for financial emergences like an unexpected job loss or major car or home repair. Once on secure ground, households can advance on their journey more easily. They have enough money saved to recover from financial emergencies, keep their debt at manageable levels, and begin to invest in the future by saving for retirement. From this perspective, financial inclusion by having access to basic bank or savings accounts can have the dual effects of stabilizing or securing households’ financial health and advancing or mobilizing it.

    Citation

    Friedline, T. (2016). Building bridges, removing barriers: The unacceptable state of households' financial health and how financial inclusion can help. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.

    Authors

    Friedline, Terri

    Financial Inclusion Executive Summary Year 2016

  2. How student debt is helping to increase the wealth gap and reduce the return on a degree

    In a time when wealth inequality increasingly threatens the U.S.—our sense of fairness and possibility, the fabric of our shared democracy, and the institutions that are supposed to undergird our economic opportunities--and when these anxieties are voiced particularly acutely by students who contemplate their own futures and question the ability of higher education to act as an equalizer in society, the discussion around student debt has grown stale. These conversations, usually consisting of the same few voices, echo with researchers investigating questions that all too often seek to maintain the status quo rather than challenge it and that seem, to a public plagued with disillusionment that borders on panic, divorced from their lived experiences. Within these confines, proposed solutions tend to mostly comprise tweaks around the margins (e.g., income-based repayment modification), rather than fundamental reconsiderations of how to finance higher education in a way that will simultaneously strengthen the return on a degree, improve educational outcomes such as attainment, and reduce wealth inequality. In this brief, I seek to provide a fresh look at what America gets from student loans. This begins with shifting the conversation from talking about whether or not college pays off for students who have to borrow to shining a bright light on the equity of having to pay for college with student loans. I do this by bringing together bodies of evidence that reveal: (a) the amount of wealth your family has matters for whether you will attend and complete college, (b) low-income and minority students receive less of a return on a degree than their wealthier, white counterparts, and (c) college goers—including those who graduate—with debt have less wealth than their peers without debt. This not only has implications for borrowers but for their children who grow up with less wealth and who will then be less able to use education to climb the economic ladder themselves. Given this, I conclude that a financial aid system for the 21st Century must not only help students pay for college but also help them build assets. Children’s Savings Accounts (CSAs) work on many fronts, from early preparation to college access to completion and then post-college financial outcomes, to address concerns about the differential return on a degree and wealth inequality. However, in order to make CSAs a true tool for fighting wealth inequality, they must be combined with a significant wealth transfer. Possibilities for this wealth transfer might include such approaches as augmenting existing scholarship or grant programs, such as the Pell Grant program, with opportunities for early-commitment asset building or diverting funds now going to poorly-targeted tax subsidies. It has been estimated that CSAs with a wealth transfer could reduce the racial wealth gap in America by 20% to 80%, depending on participation and the size of the investment in these accounts. This pivot to asset-based financial aid could be the centerpiece of a new economic mobility system that makes good on the promise made to American children, that through their own effort and ability in school they can achieve the American Dream.

    Read Publication

    Authors

    Elliott III, William

    Children's Savings Account Brief Year 2016

  3. Initial Elementary Education Finding From Promise Indiana's Children's Savings Account Program

    The study conducts an initial examination of school data and their associations with participation and saving in the Promise Indiana Children’s Savings Account (CSA) program. Data on savings were obtained from the onset of the program through February 2016 from Promise Indiana via the Indiana CollegeChoice 529 plan manager (Ascensus College Savings) and merged with administrative data on student outcomes for the 2014- 2015 school year. The primary research questions guiding this analysis is whether or not simply having a CSA, being a saver, or the amount saved is associated with lower absenteeism and/or higher reading and math scores. Given the importance of family income to both savings behaviors and academic achievement, we looked at these questions for the sample of students overall, and, separately, for the sample of low-income students (defined as free/reduced lunch participants). In this study, there is no evidence to suggest that having a CSA, being a saver (i.e., having at least one family or champion contribution), or the amount deposited are related to children’s absences. However, among the subsample receiving free/reduced lunch, having a CSA is positively associated with both children’s reading and math scores; however, this association is not found in the aggregate sample. In contrast, amount contributed has a positive association with the aggregate sample’s math and reading scores but not with the scores of children receiving free/reduced lunch. Further, being a saver is associated with reading scores for both the aggregate and free/reduced lunch samples. While more research is needed before policy conclusions can be drawn, these findings suggest that CSA programs may complement schools’ academic objectives.

    Read Publication

    Citation

    Elliott, W., Kite, B., O'Brien, M., Lewis, M., and Palmer, A. (2016) Initial Elementary Education Finding From Promise Indiana's Children's Savings Account Program. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.

    Authors

    Elliott III, William, Kite, Benjamin, O'Brien, Megan, Lewis, Melinda, Palmer, Ashley

    Children's Savings Account Working Paper Year 2016

  4. Latino Immigrant Families Saving in Children's Savings Account Program against Great Odds - Executive Summary

    This study uses administrative records from New Mexico’s Prosperity Kids Children’s Savings Account (CSA) program and in-depth interviews with a sample of participating parents and children to examine savings outcomes and experiences for these low-income Latino families. At this point in the CSA’s evolution, 29% of Prosperity Kids accounts have seen deposits from families’ saving. As of December 2015, among families who contributed in addition to match or incentives, 54% have saved more than $100 in their account. The median total account value for these families was $345 at the end of 2015 (mean, $394). The median amount of family deposits is $123 (mean, $155), with median match deposits of $124 (mean, $139). Average monthly contributions are $12 (ranging from <$1 to $220). Average quarterly contributions were $31.

    Read Publication

    Citation

    Lewis, M., O'Brien, M., Elliott, W., Harrington, K., Crawford, M. (2016) Immigrant Latina Families Saving in Children’s Savings Account Program against Great Odds: The Case of Prosperity Kids - Executive Summary. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.

    Authors

    Lewis, Melinda, O'Brien, Megan, Jung, Euijin, Harrington, Kelly, Jones-Layman, Amanda

    Children's Savings Account Executive Summary Year 2016

  5. Latino Immigrant Families Saving in Children's Savings Account Program against Great Odds: Prosperity Kids

    This study uses administrative records from New Mexico’s Prosperity Kids Children’s Savings Account (CSA) program and in-depth interviews with a sample of participating parents and children to examine savings outcomes and experiences for these low-income Latino families. At this point in the CSA’s evolution, 29% of Prosperity Kids accounts have seen deposits from families’ saving. As of December 2015, among families who contributed in addition to match or incentives, 54% have saved more than $100 in their account. The median total account value for these families was $345 at the end of 2015 (mean, $394). The median amount of family deposits is $123 (mean, $155), with median match deposits of $124 (mean, $139). Average monthly contributions are $12 (ranging from <$1 to $220). Average quarterly contributions were $31.

    Read Publication

    Citation

    Lewis, M., O'Brien, M., Elliott, W., Harrington, K., Crawford, M. (2016) Immigrant Latina Families Saving in Children’s Savings Account Program against Great Odds: The Case of Prosperity Kids. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.

    Authors

    Lewis, Melinda, O'Brien, Megan, Harrington, Kelly, Crawford, Mac

    Children's Savings Account Working Paper Year 2016

  6. Saving and Educational Asset-Building within a Community-Driven CSA Program

    In this report AEDI presents three separate but complementary studies that analyze data from the Promise Indiana CSA Program Intervention. First, analysis of a survey conducted by Promise Indiana staff with families in the Promise Indiana target population examines attributes associated with knowledge and ownership of 529 accounts. Second, analysis of savings data collected by Ascensus College Savings on behalf of Promise Indiana considers patterns of deposits, asset accumulation, and account ownership by families who have opened CollegeChoice 529 accounts through Promise Indiana. Third, findings from interviews with a subsample of parents whose children have 529 CollegeChoice accounts opened through Promise Indiana are shared to provide some qualitative context for parental perceptions about college savings within this community-driven CSA program.

    Read Publication

    Citation

    Lewis, M., Elliott, W., O'Brien, M., Jung, E., Harrington, K., Jones-Layman, A. (2016) Saving and Educational Asset-Building within a Community-Driven CSA Program: The Case of Promise Indiana. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.

    Authors

    Lewis, Melinda, O'Brien, Megan, Jung, Euijin, Harrington, Kelly, Jones-Layman, Amanda

    Children's Savings Account Working Paper Year 2016

  7. We’re Going to Do This Together”

    This paper presents quantitative and qualitative evidence of the relationship between exposure to a community-based Children’s Savings Account (CSA) program and parents’ educational expectations for their children. First, we examine survey data collected as part of the rollout and implementation of The Promise Indiana CSA program. Second, we augment these findings with qualitative data gathered from interviews with parents whose children have Promise Indiana accounts. Though results differ by parental income and education, the quantitative results using the full sample suggest that parents are more likely to expect their elementary-school children to attend college if they have a 529 account or were exposed to the additional aspects of The Promise Indiana program (i.e., the marketing campaign, college and career classroom activities, information about engaging champions, trip to a University, and the opportunity to enroll into The Promise). Parents who were both exposed to the additional aspects of The Promise Indiana program and have a 529 account are over three times more likely to expect their child to attend college than others, increasing to 13 times more likely among parents with no college education. With regard to the qualitative analysis, findings suggest that most parents who participated in the qualitative interviews have formed a college-saver identity (i.e., they expect their child to attend college and see savings as a strategy for paying for it). That is, they have formed an identity of themselves as having a child who is college-bound, and see saving as a path to paying for college. Moreover, there is evidence that Promise Indiana is helping to form a college-going culture among those enrolled. Overall, results suggest a community-based CSA program – Promise Indiana – is associated with nontrivial benefits for families.

    Read Publication

    Citation

    Rauscher, E., Elliott, W., O'Brien, M., Callahan, J., Steensma, J. (2016) “We’re Going to Do This Together”: Examining the Relationship between Parental Educational Expectations and a Community-Based Children’s Savings Account Program. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.

    Authors

    Rauscher, Emily, Elliott III, William, O'Brien, Megan, Callahan, Jason, Steensma, Joe

    Children's Savings Account Working Paper Year 2016

  8. When does my future begin? Student debt and intragenerational mobility

    Higher education funding policy rests on the assumption that college graduates enjoy equal opportunities for economic mobility regardless of how they finance their education. To examine this contention, this study compares the time it takes to move up the economic ladder for young adults who acquired student debt and those who did not. Findings reveal that college graduates who acquired student debt take longer to reach the midpoint of the net worth distribution than college graduates who financed their education without student debt. In fact, an additional $10,000 of student debt - only one third of the average amount college students acquire - is associated with a 26% decrease in the rate of achieving median net worth. Even after controlling for key differences, acquiring the relatively small amount of $10,000 in student loans is still associated with an 18% decrease in the rate of achieving median net worth. This study also finds some evidence that student debt is associated with a slower rate of reaching median income. An additional $10,000 in student loans is associated with a 9% decrease in the rate of achieving median income, although these differences do not emerge until about age 35. These findings suggest that over the course of a college graduate’s lifetime, those who acquired student debt have less opportunity to move up the economic ladder than their counterparts without student loan debt. Findings underscore the inequity created by the current U.S. system of financing higher education.

    Read Publication

    Citation

    Elliott, W., Rauscher, E (2016) When does my future begin? Student Debt and intragenerational mobility. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.

    Authors

    Rauscher, Emily

    Children's Savings Account Working Paper Year 2016

  9. When does my future begin? Student debt and intragenerational mobility

    Higher education funding policy rests on the assumption that college graduates enjoy equal opportunities for economic mobility regardless of how they finance their education. To test this assumption, this study compares the time it takes to move up the economic ladder for young adults who acquired student debt and those who did not. Findings reveal that college graduates who acquired student debt take longer to reach the midpoint of the net worth distribution than college graduates who financed their education without student debt. In fact, an additional $10,000 of student debt - only one third of the average amount college students acquire - is associated with a 26% decrease in the rate of achieving median net worth. Even after controlling for key differences, acquiring the relatively small amount of $10,000 in student loans is still associated with an 18% decrease in the rate of achieving median net worth. This study also finds some evidence that student debt is associated with a slower rate of reaching median income. An additional $10,000 in student loans is associated with a 9% decrease in the rate of achieving median income, although these differences do not emerge until about age 35. These findings suggest that over the course of a college graduate’s lifetime, those who acquired student debt enjoy fewer opportunities to move up the economic ladder than their counterparts without student loan debt. Findings underscore the inequity created by the current U.S. system of financing higher education.

    Read Publication

    Authors

    Rauscher, Emily

    Children's Savings Account Brief Year 2016

  10. "It's a generosity loop": Perceptions of Field Gleaning as Anti-Hunger Volunteerism

    Citation

    Dennis, M. K., Scanlon, E., & Sellon, A. (in review). "It's a generosity loop": Perceptions of Field Gleaning as Anti-Hunger Volunteerism. Nonprofit and Voluntary Sector Quarterly.

    Authors

    Dennis, M. K., Scanlon, Edward, Sellon, A.

    Poverty Journal Article Year 2015

  11. A developmental perspective on children's economic agency

    Understanding children’s development is critical in the midst of efforts that teach children about money and open savings accounts for them early in life. These efforts are delivered at a time of extensive developmental change, yet with limited attention to this context. Through a review of research, this study unveils the ages at which children may be able to save and to use savings accounts—specific aspects of economic knowledge and behavior—based on cognitive, social, and linguistic development. Children are developmentally capable of saving by age five or six. Children’s developmental gains at this age may prepare them for the gains they make in economic knowledge and behavior. Implications are discussed with regard to policy efforts like Child Development Accounts (CDAs) that open savings accounts for young children and encourage saving behaviors. CDAs should take development into consideration if children are to use their accounts for their benefit.

    Citation

    Friedline, T. (2015). A developmental perspective on children's economic agency. Journal of Consumer Affairs [Special Issue: Starting Early for Financial Success: Capability into Action]).

    Authors

    Friedline, Terri

    Financial Inclusion Journal Article Year 2015

  12. A Regional Approach to Children's Savings Account Development: The Case of New England

    This paper chronicles the development of Children’s Savings Account (CSA) policy in the states that comprise the New England region: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. This paper does not seek to compare CSA programs within the New England states directly but does detail the origins, aims, delivery systems, incentives, financing, enrollment mechanisms, and engagement approaches employed in each state, as well as challenges encountered, potential research contributions, and opportunities for expansion and/or integration into other policy venues. As described in this overview, this policy development can be best understood not as individual efforts but a regional strategy, facilitated by the New England CSA Consortium. This regional approach may hold considerable promise for advancing children’s savings nationally. As defined here, CSAs are progressive asset investments capable of cultivating improved educational attainment and, then, catalyzing greater upward mobility, particularly for disadvantaged children. Part of New England’s CSA activity has included progress toward agreed-upon metrics for gauging the effects of CSAs on indicators important to the state actors championing them, and future years will provide important insights into the potential for this intervention to support critical educational and economic development objectives.

    Read Publication

    Citation

    Lewis, M. K. and Elliott, W. (2015). A regional approach to children's savings account development: The case of New England.

    Authors

    Lewis, Melinda, Elliott III, William

    Children's Savings Account Report Year 2015

  13. Building College-Saver Identities among Latino Immigrants: A Two-Generation Prosperity Kids Account Pilot Program

    Children’s Savings Accounts (CSAs) are savings vehicles, usually initiated early in a child’s life and usually designated for postsecondary educational expenses (Elliott & Lewis, 2014). While CSAs are financial products, typically held either in a deposit institution such as a credit union or bank or in a state-supported 529 college savings plan, they are more than just an account. CSAs are best understood as transformative asset-based interventions that reshape the distributional consequences of the current educational structure (Elliott & Lewis, 2015). As such, CSAs have significant implications for improving educational outcomes, particularly among low-income and otherwise disadvantaged children (see Elliott, 2013 re: asset effects on children’s educational attainment). This potential to close achievement gaps by cultivating greater educational expectations, engagement, and persistence among children less likely to succeed without such interventions has captured policymakers’ attention and galvanized significant momentum for Children’s Savings Accounts. In recent years, CSAs have been implemented by school districts (such as Kindergarten-to-College in San Francisco), state governments (Nevada’s College Kickstart and Connecticut’s CHET Baby Scholars), state/private partnerships (Maine’s Harold Alfond College Challenge is funded by the Harold Alfond Scholarship Foundation, but administered through the state’s NextGen 529 plan), and community-based organizations (Promise Indiana, started by the YMCA of Wabash County, as well as New Mexico’s Prosperity Kids, the focus of this report). There is municipal movement, as well, with a CSA recently announced in St. Louis, Missouri, and programs soon to come online such as in Boston, Massachusetts. State leaders are also exploring ways to integrate the principles of children’s asset building into their work in order to leverage the benefits of CSAs on educational outcomes within their respective states. These efforts include a two-generation approach in public assistance programs in Colorado, a child support savings initiative in Kansas, and new CSA pilots in development in Vermont, Massachusetts, and New Hampshire.

    Read Publication

    Authors

    Elliott III, William

    Children's Savings Account Working Paper Year 2015

  14. Building Millenials' Financial Health Via Financial Capability

    Today's young adults, referred to as Millennials born between the early 1980's and 2000's, are coming of age in an economy unlike any other. The macroeconomic conditions of the Great Recession from approximately 2007 to 2011 systematically undermined Millennials’ financial health by limiting employment opportunities, stagnating income growth, reducing net worth, and increasing reliance on debt. Millennials entered a labor market with limited opportunities and saw higher unemployment rates than the rest of the population. Fewer Millennials entered the labor market than young adults from any preceding generation and their unemployment rate was roughly 15 to 17 percent at the height of the recession—5 to 7 percentage points higher than the average unemployment rate for the rest of the population. They also experienced diminishing returns for participating in the labor market, earning 6 percent less per paycheck than in previous years.

    Read Publication

    Authors

    Friedline, Terri

    Financial Inclusion Report Year 2015

  15. Building Millennials' Financial Health

    Read Publication

    Citation

    Friedline, T., & West, S. (2015). Building Millennials' financial health via financial capability. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion (AEDI).

    Authors

    Friedline, Terri, West, Stacia

    Financial Inclusion Infographic Year 2015

  16. Coming of Age on a Shoestring Budget: Financial Capability for Lower-Income Millennials

    This study, generously funded by the FINRA Investor Education Foundation, examined the financial health and capability of lower-income Millennial young adults between the ages of 18 and 34 (annual incomes < $25,000; N = 2,578) from the 2012 National Financial Capability Study (NFCS). In particular, this study explored how varying combinations of financial education and financial inclusion related to Millennials' financial behaviors, like saving for emergencies, using alternative financial service providers, and carrying debt. The 2012 NFCS is one of the few data sets with extensive questions about financial behaviors. The results identifying significant differences in the data were based on multiply imputed and propensity score weighted (average treatment effect for the treated; ATT) regression analyses of young adults in the sample.

    Read Publication

    Citation

    West, S., & Friedline, T. (2015). Coming of age on a shoestring budget: Financial capability for lower-income Millennials (AEDI Research Brief). Lawrence, KS: University of Kansas, Center for Assets, Education, and Inclusion.

    Authors

    West, Stacia, Friedline, Terri

    Financial Inclusion Brief Year 2015

  17. CSD 20th Anniversary Webinar

    In Celebration of the Center for Social Developments 20th Anniversary, AEDI held a roundtable on the development of asset based policies in the U.S. since Michael Sherraden's book, Assets and the Poor.

    Authors

    AEDI

    Children's Savings Account Multimedia Year 2015

  18. Do Community Characteristics Relate to Young Adult College Students’ Credit Card Debt?

    This study examines the extent of emergent, outstanding credit card debt among young adult college students and investigates whether any associations exist between the characteristics of the communities in which these students grew up or lived and their credit card debt. Using data (N = 748) from a longitudinal survey and merging community-level characteristics measured at the zip code level, we confirmed that a community’s unemployment rate, average total debt, average credit score, and number of bank branch offices were associated with a young adult college student’s acquisition and accumulation of credit card debt. Community-level characteristics had the strongest associations with credit card debt even after controlling for individual characteristics such as a young adult college student’s race, GPA, and financial independence and familial characteristics such as their parents’ income and whether their parents discussed financial matters like establishing credit. The findings from this research may help to understand how communities can be better capacitated to support the financial goals of their residents.

    Read Publication

    Citation

    Friedline, T., West, S., Rosell, N., Serido, J., & Shim, S. (2015). Do community characteristics relate to young adult college students’ credit card debt (AEDI Research Brief)? Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.

    Authors

    Friedline, Terri, West, Stacia, Rosell, Nehemiah, Serido, Joyce, Shim, Soyeon

    Financial Inclusion Brief Year 2015

  19. Do Community Characteristics Relate to Young Adult College Students’ Credit Card Debt?

    Credit cards are a fundamental component of households’ financial portfolios in the United States; however, overreliance on credit may contribute to financial setbacks. The potential for financial setbacks is particularly concerning among the current young adult generation that is accumulating higher amounts of credit card debt than preceding generations. These trends have led many researchers and policymakers to argue that financial education should become a fundamental component of public school curricula, assuming that financially educated young adults would make better, healthier decisions about credit. However, young adults’ credit card debt may be more than an individual phenomenon. A young adult’s street address—the community in which they grow up or live—can be a key factor in determining how they use credit. This study uses restricted-access, zip code data from a longitudinal sample of 748 young adult college students to examine whether the characteristics of the communities in which they grew up or lived prior to attending college relates to their outstanding credit card debt. A community’s characteristics, such as its unemployment rate and concentration of mainstream banks, have the strongest associations with a young adults’ credit card debt even after taking into consideration their financial education or whether their parents taught them about money as they were growing up. Findings help to understand how communities can be better capacitated to support young adults’ financial health.

    Read Publication

    Citation

    Friedline, T., West, S., Rosell, N., Serido, J., & Shim, S. (2015). Do community characteristics relate to young adult college students' credit card debt? The hypothesized role of collective institutional efficacy. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.

    Authors

    Friedline, Terri, West, Stacia, Rosell, Nehemiah, Serido, Joyce, Shim, Soyeon

    Financial Inclusion Working Paper Year 2015

  20. Does Community Access to Alternate Financial Services Relate to Individual's Use of Service

    There is concern that the increasing accessibility of alternative financial services in communities across the US is risking individuals' financial health by increasing their use of these high-cost services, potentially trapping them into carrying burdensome debt, damaging their credit scores, or delaying payments on rent or utilities. This study uses restricted-access, zip code data from a nationally representative sample of nearly 24,000 adult individuals to examine whether the concentration of alternative financial services within communities relates to individuals’ use of these services. Generally, the assumption holds that increased access is associated with increased use; however, there are differences in how individuals use alternative financial services based on their annual household income. Modest and highest income individuals are more likely to use these services when they live in communities with higher concentrations of alternative financial services. For lowest income individuals, higher concentrations are associated with their more frequent or chronic use of these services. Local, state, and national policies are needed to provide safe and affordable financial services within communities and to regulate the expanding alternative financial services industry.

    Read Publication

    Citation

    Friedline, T., & Kepple, N. (2016). Does community access to alternative financial services relate to individuals' use of these services (AEDI Research Brief)? Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion.

    Authors

    Friedline, Terri, Kepple, Nancy

    Financial Inclusion Brief Year 2015

  21. Does Community Access to Alternate Financial Services Relate to Individual's Use of Service

    There is concern that the increasing number of alternative financial services in communities across the US is risking individuals' financial health by increasing their use of these highcost services. To address this concern, this study used restricted-access, zip code data from nationally representative samples of adult individuals and examined whether the density or concentration of alternative financial services within communities related to individuals’ use of these services. The associations between community density and individuals' use varied by annual household income: Communities' higher density of alternative financial services was associated with the increased probability that modest and highest income individuals ever used these services, while higher density was associated with more chronic use among lowest income individuals. State regulation that prohibited payday lenders was protective for modest and highest income individuals, but had no effect for lowest income individuals. Policy implications are discussed.

    Read Publication

    Citation

    Friedline, T., & Kepple, N. (2016). Does community access to alternative financial services relate to individuals’ use of these services? Beyond individual explanations. Lawrence, KS: University of Kansas, Center on Assets, Education, and Inclusion

    Authors

    Friedline, Terri, Kepple, Nancy

    Financial Inclusion Working Paper Year 2015

  22. Economic conditions and child maltreatment: Toward an agenda for social work

    Citation

    Conrad-Hiebner, A., & Scanlon, E. (2015). Economic conditions and child maltreatment: Toward an agenda for social work. Families in Society.

    Authors

    Conrad-Hiebner, Aislinn, Scanlon, Edward

    Poverty Journal Article Year 2015

  23. Educational and Financial Institutions Partnering to Implement CSAs

    Citation

    Friedline, T., Scanlon, E., Johnson, T., & Elliott W. (accepted). Educational and Financial Institutions Partnering to Implement CSAs: Evaluation of Financial Partners' Perspectives from the 2011 GEAR UP Invitational Priority. Journal of Community Practice

    Authors

    Friedline, Terri, Scanlon, Edward, Johnson, Toni

    Children's Savings Account Journal Article Year 2015

  24. Financial Education is Not Enough: Millenials May Need Financial Capability for Healthy Financial Behaviors

    Financial education sans opportunities for hands-on experience and knowledge operationalization may be insufficient for promoting healthy financial behaviors. Financial capability combines financial education with financial inclusion via a savings account, thereby giving an opportunity translate knowledge into practice. This study used data from the 2012 National Financial Capability Study to examine relationships between financial capability and financial behaviors of United States Millennials (N = 6,865). Compared to their financially excluded peers, Millennials who were financially capable were 176% more likely to afford unexpected expenses, 224% more likely to save for emergencies, 21% less likely to use alternative financial services, and 30% less likely to carry burdensome debt. Interventions that focus solely on financial education or inclusion may be insufficient for facilitating Millennials’ healthy financial behaviors; interventions should instead develop financial capability.

    Read Publication

    Authors

    Friedline, Terri, West, Stacia

    Financial Inclusion Working Paper Year 2015

  25. Financial Education is Not Enough: Millennials May Need Financial Capability

    This study, generously funded by the FINRA Investor Education Foundation, examined the financial health and capability of Millennial young adults between the ages of 18 and 34 (N = 6,865) from the 2012 National Financial Capability Study (NFCS). In particular, this study explored how varying combinations of financial education and financial inclusion related to Millennials' financial behaviors, like saving for emergencies, using alter-native financial service providers, and carrying debt. The 2012 NFCS is one of the few data sets with extensive questions about financial behaviors. The results identifying significant differences in the data were based on multiply imputed and propensity score weighted (average treatment effect for the treated; ATT) regression analyses of young adults in the sample

    Read Publication

    Citation

    Friedline, T., & West, S. (2015). Financial education is not enough (AEDI Research Brief). Lawrence, KS: University of Kansas, Center for Assets, Education, and Inclusion.

    Authors

    Friedline, Terri, West, Stacia

    Financial Inclusion Brief Year 2015