Savings From Ages 16 to 35
A Test to Inform Child Development Account Policy
Bibliographic Data
| ID | 12981746 |
|---|---|
| Authors | T Friedline (0000-0001-6391-2566, corresponding author), Ilsung Nam (0000-0002-2395-8938) |
| Year | 2014 |
| Volume | 6 |
| Issue | 1 |
| Pages | 46-70 |
| Publication date | 2014-03-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Poverty & Public Policy (JOURNAL) |
| Journal identifiers | ISSN: 1944-2858 • E-ISSN: 2194-6027 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/pop4.59 |
| OpenAlex | W1948437052 |
| Language | EN |
| Citations received | 4 |
| References cited | 22 |
This study examines savings from childhood to young adulthood with a sample of 14,223 individuals from the 1996 Survey of Income and Program Participation (SIPP). We employed a cohort sequential accelerated latent growth model that combined a series of cohorts to represent a common developmental trajectory spanning 19 years—ages 16–35—and accounted for relevant covariates. Descriptively, the proportions of savings account ownership increased steadily between ages 16 and 30 and then leveled off. In other words, a critical time for intervention may occur between ages 16 and 30 when the proportion of account ownership is increasing. Proportions of savings accumulation also rose steadily, with a mean low of $636 between ages 16 and 20 to a mean high of $1,160 between ages 31 and 35. Gender, race, employment status, and household income and net worth were associated with initial variability in savings at ages 16–20 and rate of change in savings over time through age 35. Results can inform policies and programs that open savings accounts for children as a way of helping them remain financially secure across their life course
Cohort · Demographic economics · Economics · Sociology · Statistics · Survey of Income and Program Participation · Demography · Financial Literacy, Pension, Retirement Analysis · Gender, Labor, and Family Dynamics · Housing Market and Economics
An introduction to latent growth curve modeling
Cutoff criteria for fit indexes in covariance structure analysis
Latent Curve Models
Predicting Savings From Adolescence to Young Adulthood
Building assets from birth
Do Child Development Accounts Promote Account Holding, Saving, and Asset Accumulation for Children's Future? Evidence from a Statewide Randomized Experiment
Accumulating assets, debts in young adulthood
Connections with banking institutions and diverse asset portfolios in young adulthood
The big lift
Predicting children's savings
Self-esteem development from young adulthood to old age
Predicting Savings for White and Black Young Adults
| Unique citing works | 4 |
|---|---|
| Citations per year | 0,33 |
| Citation span | 2014 - 2021 (8) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 4 |