 Enhancing Financial Capability: TANF Bank AccountsKaran Gill, Dana Mills and Margaret McKenna Chapter Chapter 7 in A Fragile Balance, 2015, pp 107-123 from Palgrave Macmillan Abstract: Abstract This chapter proposes interventions to assist Temporary Assistance for Needy Families (TANF) recipients in developing financial capabilities and long-term saving behaviors. The proposed mechanism connects TANF participants, during the intake process and by default, to a low-fee or no-fee TANF bank account. Low- and moderate-income (LMI) families, especially those receiving public assistance benefits, face significant barriers to accessing and sustaining bank accounts at conventional financial institutions. Nationally, 28 percent of households with incomes less than $15,000 are unbanked, as are 12 percent of households with incomes between $15,000 and $30,000. In addition, the percentages of households that are underbanked are 22 and 26 percent in these two income groups, respectively (Burhouse and Osaki 2012). Underbanked households have bank accounts but also use nonbanking financial services such as payday loans. Families need both better access to financial services and concrete opportunities to build their financial knowledge and skills. Keywords: Bank Account; Saving Account; Financial Capability; Financial Education; Financial Knowledge (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-48237-2_7 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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