Matched savings accounts: A study of youths' perceptions of program and account design

This paper presents data from a qualitative study of a youth savings account program. In-depth interviews were conducted with 30 youth ages 14–19 between November 2004 and February 2005 who were participants in the SEED national demonstration project. Our findings focus on youths' perceptions o...

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Bibliographic Details
Published in:Children and youth services review 2009-06, Vol.31 (6), p.680-687
Main Authors: Scanlon, Edward, Buford, Andrea, Dawn, Kenneth
Format: Article
Language:English
Subjects:
Adolescents
Asset based welfare
Asset based welfare Youth savings Children's savings accounts Savings
Banking
Children
Children's savings accounts
Demonstration projects
Educational programmes
Educational Programs
Perceptions
Recruitment
Saving
Savings
Young people
Youth
Youth savings
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Summary:This paper presents data from a qualitative study of a youth savings account program. In-depth interviews were conducted with 30 youth ages 14–19 between November 2004 and February 2005 who were participants in the SEED national demonstration project. Our findings focus on youths' perceptions of program design, including recruitment and enrollment, savings goals, direct deposit mechanisms, staff–participant interactions, financial education, and fund withdrawal process. Participants were generally positive about comfort and trust with the agency and staff, perceptions of the match structure, and the opportunity to begin the process of savings. Direct deposit, while overall viewed favorably, was seen as problematic when income streams were interrupted by seasonal employment. Both online and workshop based financial education programs were often viewed as boring and repetitive. Following the presentation of findings, our discussion centers on implications for policy and program design.
ISSN:0190-7409
1873-7765
DOI:10.1016/j.childyouth.2009.01.003