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

Peter Tufano (ptufano@hbs.edu)
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Peter Tufano: Harvard Business School, Finance Unit

No 09-059, Harvard Business School Working Papers from Harvard Business School

Abstract: This paper reports the results of a 2007 experiment testing if 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 U.S. Savings Bonds with their tax refunds, augmenting the tax-site savings options offered by 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.

Pages: 40 pages
Date: 2008-10, Revised 2010-08
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Persistent link: https://EconPapers.repec.org/RePEc:hbs:wpaper:09-059

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