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

Tufano, Peter (2011) Just Keep My Money! Supporting Tax-Time Savings with US Savings Bonds. American Economic Journal: Economic Policy, 3 (4). pp. 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.

Item Type: Article
Keywords: Personal Finance; savings; investments; tax refunds
Subject(s): Finance
Centre: Faculty of Finance
Date Deposited: 23 Aug 2012 09:13
Last Modified: 23 Oct 2015 14:07
URI: http://eureka.sbs.ox.ac.uk/id/eprint/4130

Actions (login required)

Edit View Edit View