Abstract
Being unbanked makes it difficult for low and moderate-income (LMI) households to manage finances, save, and access credit. We assessed effects of an online tax-time savings intervention on savings account openings in the 6 months following tax filing among a sample of 4,692 LMI tax filers. Treatment group participants had 60% greater odds of opening a savings account than control group participants (p < .05). However, statistically significant treatment effects were found only for participants who filed early in tax season and only for 5 out of 18 specific interventions. Low-cost messages delivered at tax time can encourage early season LMI tax filers who expect larger refunds to open savings accounts. Findings lend additional empirical support for financial inclusion efforts.
| Original language | English |
|---|---|
| Pages (from-to) | 219-233 |
| Number of pages | 15 |
| Journal | Journal of Financial Counseling and Planning |
| Volume | 29 |
| Issue number | 2 |
| DOIs | |
| State | Published - 2018 |
| Externally published | Yes |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 8 Decent Work and Economic Growth
Keywords
- Financial inclusion
- Financial services
- Low-income households
- Saving
- Taxes
- Unbanked
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