title: Effects of an Individual Development Account Program on Retirement Saving: Follow-up Evidence From a Randomized Experiment.
abstract: We examine the 10-year follow-up effects on retirement saving of an individual development account (IDA) program using data from a randomized experiment that ran from 1998 to 2003 in Tulsa, Oklahoma. The IDA program included financial education, encouragement to save, and matching funds for several qualified uses of the saving, including contributions to retirement accounts. The results indicate that as of 2009, 6 years after the program ended, the IDA program had no impact on the propensity to hold a retirement account, the account balance, or the sufficiency of retirement balances to meet retirement expenses.
authors.affiliation: a Center for Social Development , Washington University in St. Louis , St. Louis , Missouri , USA.
authors.forename: Michal
authors.initials: M
authors.lastname: Grinstein-Weiss
authors.affiliation: a Center for Social Development , Washington University in St. Louis , St. Louis , Missouri , USA.
authors.forename: Michael
authors.initials: M
authors.lastname: Sherraden
authors.affiliation: b Economic Studies Program, Brookings Institution , Washington , DC , USA.
authors.forename: William G
authors.initials: WG
authors.lastname: Gale
authors.affiliation: c Center for Urban and Regional Studies , University of North Carolina at Chapel Hill , Chapel Hill , North Carolina , USA.
authors.forename: William M
authors.initials: WM
authors.lastname: Rohe
authors.affiliation: a Center for Social Development , Washington University in St. Louis , St. Louis , Missouri , USA.
authors.forename: Mark
authors.initials: M
authors.lastname: Schreiner
authors.affiliation: d Financial Security and Mobility, The Pew Charitable Trusts , Washington , DC , USA.
authors.forename: Clinton
authors.initials: C
authors.lastname: Key
authors.affiliation: a Center for Social Development , Washington University in St. Louis , St. Louis , Missouri , USA.
authors.forename: Jane E
authors.initials: JE
authors.lastname: Oliphant
mesh_terms: D000368:Aged; D000067012:Banking, Personal; D004493:Education / Q000379:methods; D000067571:Financial Statements / Q000706:statistics & numerical data; D006801:Humans; D009825:Oklahoma; D010353:Patient Education as Topic / Q000379:methods / Q000458:organization & administration; D010415:Pensions; D011203:Poverty / Q000191:economics / Q000706:statistics & numerical data; D016730:Program Development; D011897:Random Allocation; D012179:Retirement / Q000191:economics*
keywords: Asset effects; Individual Development Account (IDA); low-income households; retirement; savings