Brotherhood of St Laurence

The factors influencing saving in a matched savings program : goals, knowledge of payment instruments and other behavior

By: Fry, Tim.R.L
Contributor(s): Mihajilo, Sandra | Russell, Roslyn et al
Publisher: Springer 2008Description: PDFSubject(s): Saving And Investment | Low Income Families Economic Aspects | Welfare Recipients Finance, Personal | Household Savings | Brotherhood Of St Laurence. Savers Plus Program | Saver Plus Program | Brotherhood of St Laurence
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Published in the Journal of Family & Economic Issues (2008) 29 : 234-250 pp.

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.

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