Exploring a Model for Integrating Child Development Accounts with Social Services for Vulnerable Families

Huang, Jin; Beverly, Sondra G.; Kim, Youngmi; Clancy, Margaret; Sherraden, Michael

doi:10.1111/joca.12239

Cited by 16 publications

(23 citation statements)

References 25 publications

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“…Overall, the effect sizes of CDAs on these outcomes were similar to those of other early childhood interventions such as Early Head Start and Head Start (around 0.10; see Huang, Nam, et al 2019;Huang, Beverly, et al 2019;Huang, Sherraden, and Purnell 2014). Some of the magnitudes of effect sizes were larger for the low-income subsample than for the full sample (Huang, Nam, et al 2019;Huang, Beverly, et al 2019;Huang, Sherraden, and Purnell 2014). This suggests that universal and automatic CDAs had greater effects on some social development outcomes for lowincome families.…”

Section: Effects On Social Developmentsupporting

confidence: 64%

“…The findings suggest that the CDA helped treatment parents sustain high expectations about their children's education (Kim et al 2015), reduced the intensity of maternal depressive symptoms (Huang, Sherraden, and Purnell 2014), reduced punitive parenting practices (Huang, Nam, et al 2019), and improved children's early social-emotional development (Huang et al 2014). Details on the measures of these social development outcomes were provided in SEED OK research (Huang et al 2014;Huang, Nam, et al 2019;Huang, Beverly, et al 2019;Huang, Sherraden, and Purnell 2014;Kim et al 2015). Overall, the effect sizes of CDAs on these outcomes were similar to those of other early childhood interventions such as Early Head Start and Head Start (around 0.10; see Huang, Nam, et al 2019;Huang, Beverly, et al 2019;Huang, Sherraden, and Purnell 2014).…”

Section: Effects On Social Developmentmentioning

confidence: 99%

“…Details on the measures of these social development outcomes were provided in SEED OK research (Huang et al 2014;Huang, Nam, et al 2019;Huang, Beverly, et al 2019;Huang, Sherraden, and Purnell 2014;Kim et al 2015). Overall, the effect sizes of CDAs on these outcomes were similar to those of other early childhood interventions such as Early Head Start and Head Start (around 0.10; see Huang, Nam, et al 2019;Huang, Beverly, et al 2019;Huang, Sherraden, and Purnell 2014). Some of the magnitudes of effect sizes were larger for the low-income subsample than for the full sample (Huang, Nam, et al 2019;Huang, Beverly, et al 2019;Huang, Sherraden, and Purnell 2014).…”

Section: Effects On Social Developmentmentioning

confidence: 99%

“…Universal eligibility also avoids the administrative costs associated with eligibility assessment and recruitment and creates a platform to implement automatic enrollment (see next element). The comparison of statewide CDA policies with small-scale community CDA programs with targeted populations suggests that the latter may encounter high administrative and outreach costs, affecting program efficiency and sustainability (Clancy and Sherraden 2014;Huang, Beverly, et al 2019;Clancy et al 2019). In addition, the inclusion of moderate-and high-income families through universal eligibility enables cross-subsidization, wherein high balance accounts can help to offset the costs of low-balance accounts, thereby making inclusion of low-balance accounts feasible in the marketplace (Clancy, Orszag, and Sherraden 2004;Clancy, Sherraden, and Beverly 2015;Huang, Beverly, et al 2019).…”

Section: Universal Eligibilitymentioning

confidence: 99%

See 3 more Smart Citations

Asset Building and Child Development: A Policy Model for Inclusive Child Development Accounts

Huang¹,

Sherraden²,

Clancy³

et al. 2021

RSF: The Russell Sage Foundation Journal of the Social Sciences

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jIn hua ng, mIch a el sher r a den, m a rga r et m. cl a ncy, sondr a g. bev er ly, tr Ina r. sh a nks, a nd youngmI k Im Extreme wealth inequality imposes significant constraints on financially vulnerable families, especially on the development of children in those families. Child Development Accounts (CDAs)-investment accounts offering financial access, subsidies, and incentives to provide assets for children-are designed to reduce wealth inequality over time and promote human development. We review existing evidence from a test of a CDA policy in a population sample. Findings show that, in addition to stimulating account holding and asset building, universal and automatic CDAs for postsecondary education have positive effects on outlooks for and behaviors of parents and children. This long-running CDA experiment suggests ten design elements for a universal, progressive, and potentially lifelong CDA policy. Informed by findings from this experiment, seven states have adopted some version of this model. These innovations illustrate potential policy pathways to reducing asset inequality and improving child development.

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Section: Effects On Social Developmentsupporting

confidence: 64%

Section: Effects On Social Developmentmentioning

confidence: 99%

Section: Effects On Social Developmentmentioning

confidence: 99%

Section: Universal Eligibilitymentioning

confidence: 99%

See 2 more Smart Citations

Asset Building and Child Development: A Policy Model for Inclusive Child Development Accounts

Huang¹,

Sherraden²,

Clancy³

et al. 2021

RSF: The Russell Sage Foundation Journal of the Social Sciences

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“…Although Sherraden's work is on children and not older adults, his work is still relevant to our finding as it addresses the critical aspect of the discussion and implication section, which is providing financial incentives. These lines of work collectively suggest safety nets and economic policies that may help Black families and communities accumulate wealth and buffer the effect of deep poverty [159][160][161][162][163] . Other studies have also shown positive health effects of reducing economic strain 164 .…”

Section: Discussionmentioning

confidence: 99%

Economic Strain Deteriorates While Education Fails to Protect Black Older Adults Against Depressive Symptoms, Pain, Self-rated Health, Chronic Disease, and Sick Days

Assari¹,

Cobb²,

Saqib³

et al. 2020

J Ment Health Clin Psychol

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Background: A large body of empirical evidence on Minorities' Diminished Returns (MDRs) suggests that educational attainment shows smaller health effects for Blacks compared to Whites. At the same time, economic strain may operate as a risk factor for a wide range of undesired mental and physical health outcomes in Black communities. Aim:The current study investigated the combined effects of education and economic strain on the following five health outcomes in Black older adults in underserved areas of South Los Angeles: depressive symptoms, number of chronic diseases, pain intensity, self-rated health, and sick days. Methods:This cross-sectional study included 619 Black older adults residing in South Los Angeles. Data on demographic factors (age and gender), socioeconomic characteristics, economic strain, health insurance, living arrangement, marital status, health behaviors, depressive symptoms, pain intensity, number of chronic diseases, sick days, and self-rated health were collected. Five linear regressions were used to analyze the data.Results: Although high education was associated with less economic strain, it was the economic strain, not educational attainment, which was universally associated with depressive symptoms, pain intensity, self-rated health, chronic diseases, and sick days, independent of covariates. Similar patterns emerged for all health outcomes suggesting that the risk associated with economic strain and lack of health gain due to educational attainment are both robust and independent of type of health outcome. Conclusion:In economically constrained urban environments, economic strain is a more salient social determinant of health of Black older adults than educational attainment. While education loses some of its protective effects, economic strain deteriorates health of Black population across domains. There is a need for bold economic and social policies that increase access of Black communities to cash at times of emergency. There is also a need to improve the education quality in the Black communities.

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Interventions designed to improve financial capability: A systematic review

Birkenmaier

Maynard

Kim

2022

Campbell Systematic Reviews

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Background There is growing recognition that people need stronger financial capability to avoid and recover from financial difficulties and poverty. Researchers are testing financial capability interventions with adults, children, immigrant populations and other groups, but little is known about the effectiveness of financial capability interventions on financial behaviour and financial outcomes. Objectives The purpose of this review is to inform practice and policy by examining and synthesizing evidence of the effects of interventions designed to improve financial capability. Financial capability interventions combine financial education and financial products and/or services. The research questions are: (a) What are the effects of interventions designed to improve financial capability on financial behaviour and financial outcomes? and (b) Does study(design), intervention (dosage, duration, type) or sample (age) characteristics relate to the magnitude of effect size? Methods We conducted two identical rounds of electronic searches for two different time periods. In Round 1 searched for studies through May, 2017 and Round 2 searched from May, 2017 through May, 2020. For both rounds, we identified and retrieved both published and unpublished studies, including conference proceedings, through a comprehensive search that included multiple electronic databases, grey literature sources, organizational websites, government websites and reference lists of reviews and relevant studies. We also conducted forward citation searching using Google Scholar to search for studies citing the included studies. We also conducted a search on Google using key terms. We hand searched the table of contents of selected journals to identify potentially eligible reports not properly indexed. Finally, experts who were study or sub‐study authors of prior studies were contacted in an attempt to obtain unpublished studies, studies in process and published studies missed in the database search. Selection Criteria To be eligible for this review, the intervention must have included a financial education component and a financial product or service. Studies must have also been conducted in any of the 35‐member countries of the OECD, and included a financial behaviour or financial outcome. To meet the criteria for delivering financial education, interventions must have delivered information about: (1) a variety of general financial concepts and behaviours, or advice about financial behaviours); (2) a specific financial topic; (3) a specific product; and/or (4) a specific service. To meet the criteria for access to a financial product or service, interventions must have facilitated access to one or more of the following: (1) a child development account; (2) a retirement account through an employer; (3) a ‘second chance’ checking account; (4) a matched savings account; (5) a financial service, such as financial counselling or coaching; (6) a bank account; (7) an investment vehicle; or (8) a home mortgage loan product. Data Collection and An...

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Exploring a Model for Integrating Child Development Accounts with Social Services for Vulnerable Families

Cited by 16 publications

References 25 publications

Asset Building and Child Development: A Policy Model for Inclusive Child Development Accounts

Asset Building and Child Development: A Policy Model for Inclusive Child Development Accounts

Economic Strain Deteriorates While Education Fails to Protect Black Older Adults Against Depressive Symptoms, Pain, Self-rated Health, Chronic Disease, and Sick Days

Interventions designed to improve financial capability: A systematic review

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