Savings Innovations for Low and Moderate Income Workers
上传者:苏深伟|上传时间:2015-04-29|密次下载
Savings Innovations for Low and Moderate Income Workers
? 2009, D2D Fund, Inc. 1
Savings Innovations(& at the Right Moment)?
? 2009, D2D Fund, Inc. 17
Tax Time Opportunity?
? How Large?
? $250 billion to 107 million households
? $115 billion to 68 million households w/ AGI < 40k
? average ~ $1,679 (4%+ of annual income)
? Tax Refunds are
? Universal – open to all Americans
? Permanent – not going anywhere
? Recurring – every year
? Exist Today – EITC, for ex., political reality
? Also:
? Most tax returns prepared by “expert”
? Opportunity for trusted party to suggest saving
Source: IRS, tax year 2006 data (http://www.irs.gov/pub/irs-soi/06in33ar.xls)
? 2009, D2D Fund, Inc. 18
How to Capture Some for Saving?
? What if we could pre-commit to save at tax time?
? Theoretical advantages
? Convenience
? Assured follow through
? Tax preparer as coach / advisor
? Possible cash flow advantages
? Most saving happens via convenient, low or no-
decision structure (e.g., 401k, social security)
? 2009, D2D Fund, Inc. 19
Solution: Refund Splitting
? 2009, D2D Fund, Inc. 20
The Power of Timing
Before: Spend / Save choice after $ refunded
Now: choice before $ refunded
? 2009, D2D Fund, Inc. 21
But Where to Save?
? 2009, D2D Fund, Inc. 22
Where to Save?
? To save, everyone needs a “bucket”
? Ideal characteristics?
? Simple
? Accessible
? Credible
? High value
? Usual suspects?
? Savings account
? Certificate of Deposit
? Mutual Fund
? 401(k)
? 529 Plan
? 2009, D2D Fund, Inc. 23
A Built-to-Order Product?
Barrier
? Small balances
? Spotty (credit) past
? Risk averse
? Mistrust mainstream
financial service firms
? No bank account
? Unclear goal(s)
? Long-term goals &
liquidity needs in tension
Bond Feature
? Low $50 minimum
? No credit screen
? Risk free principal
? Gov?t backed, no fees,
good return (5.64%)
? No bank acct required
? Can save for anything
? Long-term orientation,
access after 1 year
Barriers facing many first time, low-income savers & relevant
features of U.S. Series I Savings Bonds
? 2009, D2D Fund, Inc. 24
A Test of US Savings Bonds
? Tax time “Refunds to Assets” pilots
? TS07 – 4 VITA sites, 27 H&R Block offices
? TS08 – 32 VITA sites
? TS09 – 67 VITA sites
? 2009, D2D Fund, Inc. 25
Findings: Who Buys How Much
? Strong demand (TS07-09)
? 3,200 buyers / 5,150 registrants
? $650k saved
? 33% repeat buying rate
? Buyer profile (TS08 VITA sample)
? 74% parents, 15% grandparents; 81% female
? avg. AGI: $19.9k
? Extraordinary awareness
? 74% “familiar” w/ bonds
? vs. 26% for IRAs, 34% for CDs
? 2009, D2D Fund, Inc. 26
More Findings
? First time savings? (TS08)
? no prior $ saved (64%)
? Less than $1k saved (84%)
? bond = 1st time saving part of refund (37%)
? “would?ve saved less if hadn?t bought bond” (51%)
? Savings plan / intent
? saving for long-term, defined goal (74%)
? (e.g., education for self or child, retirement)
? plan to hold bond 5 yrs+ (58%), 10 yrs+ (40%)
? Redemptions track national rates
? 2009, D2D Fund, Inc. 27
A National Saving Plan?
Tax (refund)
Time...
$100,000,000,000+
+ Refund
Splitting...
+ U.S. Savings
Bonds
Spend Some Save Some
IRS FORM 8888
? 2009, D2D Fund, Inc. 28
But How?
? 2009, D2D Fund, Inc. 29
Future Form 8888
? 2009, D2D Fund, Inc. 30
Idea Getting Traction
? Legislative
? New Saver?s Act
? Saver?s Bonus Act
? Press attention
? Time magazine (July 17, 2008)
? Money magazine (August, 2008)
? The New York Times (July 31, 2008)
? Jane Bryant Quinn on http://wendang.chazidian.com
? 2009, D2D Fund, Inc. 31
How Can I Find the Money
to Save?
? 2009, D2D Fund, Inc. 32
I Don’t Have the Money to Save!
? Consider:
? 2007 credit card industry profit… $40.7 billion*
? 2003 card penalty fees: $12 billion**
? Typical late fee in 2009: $39
? Solutions?
? Regulation
? Education
? Limitations of financial education
? Appealing?
? Effective?
? Expensive
* Source: http://wendang.chazidian.com/time/magazine/article/0,9171,1715293,00.html
** Source: http://wendang.chazidian.com/wgbh/pages/frontline/shows/credit/more/rise.html
? 2009, D2D Fund, Inc. 33
Idea: Financial Entertainment
? Consider:
? 72% of Americans play video games
? Rates of play highest among < age 35
Could video games help us learn
financial skills?
? “casual video games” are fastest growing segment
? casual segment dominated by female players
Source: NPD Group, Market Research (http://wendang.chazidian.com/375187/72-of-us-plays-video-games)
? 2009, D2D Fund, Inc. 34
Financial Entertainment
We envision a library of casual
video games, each teaching a
simple financial lesson, such as:
? Using credit & debit cards
? Budgeting
? Performing basic calculations (e.g.,
compound interest)
? Saving for retirement
? Managing student & other loans
? Avoiding expensive pitfalls (e.g.,
pay-day lending, check cashing)
? 2009, D2D Fund, Inc. 35
First Prototype Game: Celebrity Calamity
While focused on fun, the game?s
explicit learning objectives include:
? Paying more than the minimum
credit card payment
? Minimizing credit card finance
charges
? Avoiding fees (bank overdraft,
credit card late payment, over-limit)
? Making good annual percentage
rate (APR) choices.
http://wendang.chazidian.com
The game also includes implicit learning objectives,
such as raising awareness of spending behavior and
the value of saving money.
? 2009, D2D Fund, Inc. 36
A Preview…
? 2009, D2D Fund, Inc. 37
Preliminary Testing: Self-Confidence
Table 1: Self-Confidence (Pre and Post, % Change)
Rate your degree of confidence in the following: Pre Post %
Change bad spending habits 3.50 3.89 11%
Identify needs and wants separately. 4.02 4.30 7%
Avoid impulse and emotional spending. 3.23 3.93 22%
Pay off new charges on credit cards every month. 3.16 3.84 21%
Pay more than the minimum amount on credit card bills. 3.16 4.09 29%
Avoid late fees, over-limit fees, and overdraft fees. 3.23 4.05 25%
Save money regularly. 3.14 4.14 32%
Manage my finances. 3.57 4.09 15%
Perform assigned job-related tasks. 4.23 4.43 5%
Follow directions from my boss/supervisor. 4.66 4.61 -1%
? 2009, D2D Fund, Inc. 38
Preliminary Testing: Knowledge
Table 2: Knowledge (Pre and Post, % Change)
Knowledge Area: Pre Post %
Annual Percentage Rate (APR) 55% 86% 58%
Finance Charges 48% 82% 71%
Pay More Than the Minimum 82% 93% 14%
Interest Compounding 61% 64% 4%
? 2009, D2D Fund, Inc. 39
Qualitative Feedback
? Enthusiasm: “Can I have a copy of
the game? Where can I buy it?”
? Engagement: “I?ve got the hang of
it now, I can do this.”
? Education: “I?ve had credit cards
for a while now, but I did not know
what annual percentage rate, APR,
was, until now.”
? Empowerment: “It helped me to
better understand how to manage
money.”
? 2009, D2D Fund, Inc. 40
Wrap Up
? A little fun doesn?t hurt; and might help
? Tax time is huge (remember IRS
Form
8888)
? Don?t forget US Savings Bonds
? Education need not taste bad
? 2009, D2D Fund, Inc. 41
Questions & Discussion
Preeti Mehta
D2D Fund, Inc.
pmehta@http://wendang.chazidian.com
http://wendang.chazidian.com
617.541.9066
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