Just Keep My Money! Supporting Tax-Time Savings with US Savings Bonds

Peter Tufano

American Economic Journal: Economic Policy, 2011, vol. 3, issue 4, 172-200

Abstract: This paper reports the results of a 2007 experiment testing whether specific process simplification can foster increased take-up rates for savings products, particularly by low-to-moderate income (LMI) households. Tax refund recipients at certain H&R Block tax preparation offices were given the option to purchase US Savings Bonds with their tax refunds, augmenting the tax-site savings options offered by H&R Block. Those who received the savings bond offer were substantially more likely to purchase a savings product on-site than those who didn't, even after controlling for client demographics. Much of this take-up was directed at intra-family gifting, or asset building on behalf of children. (JEL D14, H24)

JEL-codes: D14 H24 (search for similar items in EconPapers)
Date: 2011
Note: DOI: 10.1257/pol.3.4.172
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Citations: View citations in EconPapers (7)

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