Using microdata from the American Dream Demonstration, this study examines factors associated with savings and savings goal achievement (indicated by a matched withdrawal) among participants of individual development account (IDA) programs. Results show that hours of participation in financial education programs, higher matched caps, prior use of a savings account, and greater educational attainment are each associated with a greater likelihood of savings and savings goal achievement. IDA programs need to maximize available resources, particularly financial education, to assist participants in achieving savings goals.

The Institute of Research on Poverty (IRP) hosted Mr. Damon Jones, an economist at the University of Chicago's Harris School of Public Policy, to talk about how the Earned Income Tax Credit (EITC) and other refundable tax credits can combine to create a large once-a-year payment for low-income tax filers, and how that payment structure affects the ways that those funds are used.

The Peer TA Network hosted a Webinar on engaging low-income families in tax filing assistance. The Webinar, "Engaging Temporary Assistance for Needy Families (TANF) Participants in Tax Filing Assistance" highlighted the Internal Revenue Service's (IRS) two new free tax preparation models and introduced techniques on how to improve outreach and engagement to TANF recipients and other low-income individuals. Presenters included representatives from the Nehemiah Gateway Community Development Corporation, the Delaware Division of Social Services, and the IRS.

The Office of Family Assistance hosted a Webinar, "Building an EITC Coalition," on July 12, 2012. This Webinar provided background on how to create an EITC coalition at the local and State levels, discussed methods for developing community support and partnerships when building an EITC coalition, encouraged collaborations between TANF agencies and EITC coalitions to better reach TANF participants, and provided resources for gaining additional information about the impact of EITC campaigns and coalitions.

From the Washington University Center for Social Development and the University of Kansas School of Social Welfare, this report provides a summary of articles on savings accounts for youth. By encouraging youth to open savings accounts, their parents may also be motivated to save money as well. This approach can help youth learn to save money at an early age for saving throughout adulthood. The author provides information on policy and program implications and future research.

This article was published by the Association for Financial Counseling and Planning Education. Using data from a 2008 survey data of EITC-eligible households assisted at Volunteer Income Tax Assistance (VITA) sites, authors analyze differences in tax filing between banked and unbanked EITC-eligible households. Results show that unbanked households have a lower likelihood of receiving a federal tax refund for tax year 2007 and the previous tax year (TY 2006). Also, unbanked households have a lower likelihood of receiving tax refunds via direct deposit and a higher likelihood of using check cashing stores.

The Office of Community Services awarded 18 Assets for Independence (AFI) grants totaling more than $3.9 million to community-based organizations and government agencies, which will provide low-income individuals and families with access to Individual Development Accounts (IDAs) as well as training on financial education. Every saved dollar deposited into an IDA by a participant is matched and enables participants to save to acquire assets such as a first home, a small business for self-employment, or post-secondary education or training.

Families play a large role in determining how we spend, save, and invest for the future. The Building Assets*Building Stronger Families financial education guide provides 50 financial literacy activities designed to help families talk about Money Values and Attitudes, Family Dreams and Goals, and Family Budgeting. These activities can be used alone in or in combination with another financial education curriculum, such as the FDIC’s MoneySmart. 

MyMoney.gov is the U.S. government's web site dedicated to teaching all Americans the basics about financial education. Whether buying a home, balancing a checkbook, or investing in a 401(k), the resources on MyMoney.gov can help individuals maximize the benefits of their financial decisions. Throughout the site, users will find important information from 20 Federal agencies and Bureaus designed to help individuals make smart financial choices. MyMoney.gov organizes financial education help from over 20 different Federal web sites in one place. Content is organized by where people are in life ("Life Events"), who they are ("My Resources"), and by specific hands-on tools ("Tools"). Popular Topics are also highlighted. This site provides summaries of resources available at other official government sites and allows users to open those pages in a new window ("Learn More"). MyMoney.gov also offers an Outreach Tool Kit with sample materials for organizations to use to help their participants learn about free financial education available. The Outreach Tool Kit includes a sample press release, e-flyer, bookmark, Web buttons and banners, and ideas for other outreach.

The New America Foundation authored this paper, which provides information on the “unbanked” population and how to help increase the use of bank accounts for low-income households. Recent data from the Federal Deposit Insurance Corporation (FDIC) showed that nine million Americans do not have a checking or savings account and spend hundreds of dollars making financial transactions. Researchers conducted a qualitative study of the financial attitudes and behaviors of individuals currently receiving TANF, focusing on how they manage their money. The author concludes with findings that could impact policy and practice and helping to support these individuals in becoming banked.