Splitting tax refunds and building savings: An empirical test

被引:23
作者
Beverly, Sondra [1 ]
Schneider, Daniel [2 ]
Tufano, Peter [2 ,3 ,4 ]
机构
[1] Univ Kansas, Lawrence, KS 66045 USA
[2] Harvard Sch Business, Boston, MA USA
[3] NBER, Cambridge, MA 02138 USA
[4] D2D Fund, Roxbury, MA USA
来源
TAX POLICY AND THE ECONOMY, VOL 20 | 2006年 / 20卷
关键词
D O I
10.1086/tpe.20.20061906
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Families are more likely to save if they can commit to savings before funds are in-hand (and subject to spending temptations). For low- and moderate-income U.S. families, an important savings opportunity arises annually, during income tax season. We study a group of lowincome individuals in Tulsa, Oklahoma, who were encouraged to save parts of their federal refunds at the time of tax filing. Those who agreed to save directed a portion of their refund to a savings account and arranged to have the rest sent to them in the form of a check. Eligible individuals could also open low-cost savings accounts. We document the demand for these services, the characteristics of those who sought to participate, the savings goals of those who participated, the immediate savings generated by the program, and the disposition of savings a few months after receipt. This pilot study suggests that there may be demand among low-income families for a refund-splitting program that supports emergency needs as well as asset building, especially if a basic savings product is available to all at the time of tax filing.
引用
收藏
页码:111 / +
页数:5
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