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- Title
The Factors Influencing Saving in a Matched Savings Program: Goals, Knowledge of Payment Instruments, and Other Behavior.
- Authors
Fry, Tim; Mihajilo, Sandra; Russell, Roslyn; Brooks, Robert
- Abstract
This paper explores the saving behavior of the group of low-income households that have participated in the Australian Saver Plus matched savings program. The paper finds that a dynamic panel model represents a good technique for modeling the savings account balances of such participants. We find that, even after controlling for the unobservable individual response to the program incentive, the saving goal and education/financial literacy variables play a positive role in encouraging saving behavior. More importantly however, we find that programs such as Saver Plus are able to modify the saving behavior of individuals to the point where their prior behavior and their inherent attitude towards saving no longer play a significant role.
- Subjects
AUSTRALIA; SAVINGS accounts; EMPLOYEE savings plans; BANKING industry; ASSET management accounts; DEPOSIT accounts; NOW accounts; SAVINGS banks; CLUB accounts
- Publication
Journal of Family & Economic Issues, 2008, Vol 29, Issue 2, p234
- ISSN
1058-0476
- Publication type
Article
- DOI
10.1007/s10834-008-9106-y