Connections with banking institutions and diverse asset portfolios in young adulthood: Children as potential future investors

A central hypothesis of Child Development Accounts (CDA) suggests that savings accounts in childhood lay a foundation for connecting to mainstream banking institutions and diversifying asset portfolios in young adulthood and beyond. While children may have limited savings to invest initially, they are financial actors who may increasingly invest money into different types of savings products over time. This paper uses propensity score weighted, longitudinal data from the Panel Study of Income Dynamics and its supplements to examine the types of financial and nonfinancial assets owned by young adults and whether or not they are more likely to own these assets when they have savings accounts as children. The most commonly owned assets in young adulthood included savings accounts (89%), vehicles (54%) and credit cards (51%). Smaller percentages owned stocks (9%), bonds (6%), and homes (8%). On average, young adults owned two to three different assets. Having savings accounts in childhood was associated with being two times more likely to own savings accounts, two times more likely to own credit cards, and four times more likely to own stocks in young adulthood, compared to not having savings accounts in childhood. Young adults' ownership of more total financial assets was also associated with having savings accounts in childhood. Findings provide some supporting evidence of demand for children's savings accounts. Policy endeavors that remove barriers to account ownership may be advantageous for children and mainstream banks.     

Individual retirement account balances, contributions, and rollovers, 2010: the EBRI IRA database

In 2010, IRA owners were more likely to be male, especially those whose accounts originated from a rollover or were a SEP/SIMPLE. Among all IRA owners in the database, nearly one-half (45.8 percent) were ages 45-64. The average and median IRA account balance in 2010 was $67,438 and $17,863, respectively, while the average and median IRA individual balance (all accounts from the same person combined) was $91,864 and $25,296. Individuals with a traditional-originating from rollovers had the highest average and median balance of $123,426 and $38,138, respectively. Roth owners had the lowest average and median balance at $22,437 and $11,471. The average and median individual IRA balance increased with age through age 70. The average amount contributed to an IRA in the database was $3,335 in 2010. The average contribution was highest for accounts owned by those ages 65-69, and more contributions were made to Roth accounts than to traditional accounts (both those originating from contributions and rollovers). However, the average contribution to a traditional account was higher, at $3,517, compared with $3,240 to a Roth account. Yet, a higher overall amount was contributed to Roths ($2.3 billion for Roths compared with $1.3 billion for traditional accounts). Focusing on those owning traditional or Roth IRAs, 9.3 percent of the accounts received contributions, and 12.1 percent of the individuals owning these IRA types contributed to them in 2010. Among traditional IRA owners, 5.2 percent contributed, while 24.0 percent of those owning a Roth contributed to it during 2010. Of those individuals contributing to an IRA, 43.5 percent contributed the maximum amount. Of those contributing to a traditional IRA, 48.7 percent maxed out their contribution, while 39.3 percent did so with a Roth. The average and median account balances increased from $54,863 and $15,756 respectively in 2008 to $67,438 and $17,863 in 2010. This represents an increase of 22.9 percent in the average account balance and 13.4 percent in the median balance. The total individual balances also increased for both the average (32.2 percent) and the median (26.2 percent).     

Small-dollar accounts,children's college outcomes,and wilt

This is paper four of four in the Small-Dollar Children's Savings Account series, which studies the relationship between children's small-dollar savings accounts and college enrollment and graduation. This series of papers examines three important research questions using different subsamples: (a) Are children with savings of their own more likely to attend or graduate from college? (b) Does dosage (i.e., having no account, only basic savings, savings designated for school [of less than $1, $1 to $499, or $500 or more]) matte? And (c) is having savings designated for school more predictive than having basic savings alone? In this study we use a sample of children who expect to graduate college prior to leaving high school as a way of looking at wilt. In this study “wilt” occurs when a child who expects to graduate from college while in high school does not graduate college by 2009. Using propensity score weighted data from the Panel Study of Income Dynamics (PSID) and its supplements we created multi-treatment dosages of savings accounts and amounts to answer the previous questions. We find that in the aggregate children who expect to graduate college prior to leaving high school (high-expectation children) and who designate savings for school of $500 or more are about two times more likely to graduate college than high-expectation children with no account. High-expectation low- and moderate-income (LMI) children who designate school savings of $1 to $499 and $500 or more are about three times more likely to graduate college than LMI children with no account. Further, high-expectation black children who have school savings of $500 or more are about two and half times more likely to graduate from college than their counterparts with no savings account.     

Adolescent Transitions to Young Adulthood: Antecedents,Correlates, and Consequences of Adolescent Employment

The antecedents, correlates, and consequences of adolescent employment were investigated in a sample of 251 low‐income, African American youth that were followed since birth. The youth (age: M at preschool = 4.89, SD= .70; M at adolescence = 16.44, SD= .66; M at transition to adulthood = 19.36, SD= .76; and M at early adulthood = 27.67, SD= .75) were the firstborn children of African American teenage mothers who gave birth in Baltimore in the 1960s. Analyses examined the antecedents and correlates of age of entry into employment and stability of employment during adolescence. The associations of adolescent work experiences with subsequent adult education and employment outcomes also were considered. Findings indicate that among this sample of low‐income, African American youth, those who repeated a grade in school during middle childhood were more likely to enter the workforce at later ages than their peers who did not repeat a grade. The small subset of adolescents who never worked (n= 12) appear to be markedly more disadvantaged than their peers who worked. At the transition to adulthood, adolescents who entered the workforce earlier were more likely to complete high school than their peers. In addition, stable employment during the adolescent years had more beneficial effects on young men's chances of attending college than young women's postsecondary education. This pattern of findings is consistent with ethnographic accounts of adolescent employment among poor, minority, urban youth.     

Math Achievement and Children’s Savings: Implications for Child Development Accounts

In this study, we propose that children who have a savings account may be more likely to have higher math scores than children without a savings account. We find that children’s savings accounts are positively associated with math scores. Children with savings accounts on average score almost nine percent higher in math than children without a savings account. Further, results suggest that children’s savings accounts fully mediate the relationship between household wealth and children’s math scores. However, household wealth moderates the mediating relationship. We find math scores of low-wealth children increase by 2.13, middle-wealth children’s increase by 4.36, while high-wealth children’s increase by 6.59 points. Policy implications are discussed.     

Work-related health factors for female immigrants in Sweden

Work-related health has been a focus of research since the rate of sickness-related absences began to increase in Sweden. The incidence of sickness-related absences and early retirement is higher among female immigrants than among others in the total population. This study is based on a questionnaire survey which was conducted in a municipality in Sweden. The study population consisted of 2 429 native and immigrant female employees. The aim was to study work-related health factors for female immigrants. The results of this study show that about 20% of female immigrants who participate in the survey have temporary employment while the proportion is 8% for native women. The perception of ethnic discrimination among female immigrants was three times as much as among native females. The results also show that 69% of female immigrants report having received no opportunity to discuss their wages with managers, in comparison to 63% of native females. About 40% of female immigrants and 35% of native women report that they do not get opportunities to upgrade their skills. Female immigrants over the age of 50 experience gender and ethnic discrimination and lack of access to skills training programs more often than younger immigrants. They also participate in health-care activities more often.     

Small-dollar children's savings accounts and children's college outcomes by income level

This is paper two of four in the small-dollar children's savings account series in this issue that examines the relationship between children's small-dollar savings accounts and college enrollment and graduation. This series of papers uses different subsamples to examine three important research questions: (a) Are children with savings of their own more likely to attend or graduate from college; (b) Does dose (no account, only basic savings, savings designated for school of less than $1, $1 to $499, or $500 or more) matter; and (c) Is designating savings for school more predictive than having basic savings alone. Using propensity score weighted data from the Panel Study of Income Dynamics and its supplements we created multi-treatment doses of savings accounts and amounts to answer these questions separately for children from low- and moderate-income (below $50,000; n = 512) and high income ($50,000 or above; n = 345) households. We find that low- and moderate-income children may be more likely to enroll in and graduate from college when they have small-dollar savings accounts with money designated for school. A low- and moderate-income child who has school savings of $1 to $499 prior to reaching college age is over three times more likely to enroll in college and four times more likely to graduate from college than a child with no savings account. These findings lead to policy implications that are also discussed.     

Why Stay Married? Rewards,Barriers, and Marital Stability

This paper describes people's open‐ended, personal accounts of why they stay married. Most people perceived the cohesiveness of their marriages in terms of rewards and barriers, and few people referred to a lack of good alternatives. People who reported barriers only tended to be relatively unhappy with their marriages and were more likely than other individuals to be thinking about divorce. People who reported barriers only, compared with people who reported rewards only, were more likely to divorce during the next 14 years. This association was significant even after controlling for marital happiness and divorce proneness.     

Small-dollar children's saving accounts and children's college outcomes by race

This is paper three of four in the Small-Dollar Children Accounts series that studies the relationship between children's small dollar savings accounts and college enrollment and graduation. The series uses different subsamples to examine three important research questions: (a) Are children with savings of their own more likely to attend or graduate from college? (b) Does dosage (no account, only basic savings, savings designated for school of less than $1, $1 to $499, or $500 or more) matter? And (c) is designating for school more predictive of college enrollment or graduation than having basic undesignated savings alone? Using propensity score weighted data from the Panel Study of Income Dynamics and its supplements we created multi-treatment dosages of savings accounts and amounts to answer these questions separately for black (n = 404) and white (n = 453) children. White children's savings are not significantly related to their college outcomes. Differently, compared to black children without savings accounts, black children are three times more likely to enroll in college when they have school savings of less than $1 and six times more likely when they have school savings of $1 to $499. Further, black children with school savings of $1 to $499 are four times more likely to graduate from college and black children with school savings of $500 or more are three-and-a-half times more likely to graduate from college, compared to those with no savings account. We suggest Child Development Accounts (CDAs) may be a promising tool for helping black children get to and through college.     

Using a Person-Centered Approach to Examine the Impact of Homelessness on School Absences

Brought on by increasing levels of economic vulnerability, homelessness is a pressing issue for our schools. Homeless students often miss an inordinate amount of school days and are thought to fall at the farthest end of a “continuum of poverty.” Theoretically they have worse outcomes than their peers, though the past 20 years of literature have found inconsistencies in these comparisons. Thus the literature suggests analysis to compare types of students based on outcomes rather than demographic categorizations, a person-centered approach. Using this approach, a comparison of the number of absences for homeless students and their housed peers is made through quantile analysis. Using school administrative data collected over one school year for an entire school district we found that homeless students as an aggregate do not miss significantly more days of school than their poorest peers. However, we found homelessness and poverty dramatically increase the number of absences for children who are in the higher percentiles of absences meaning homelessness has a greater impact on those who miss more days of school in general compared to regular attendees. Findings from this study indicate that homelessness may exacerbate problems rather than cause them. Implications for practice are discussed and directions for future study are proposed.     

Parents' Needs,Family Structure,and Regular Intergenerational Financial Exchange in Chinese Cities

Financial transfers between parents and their non-coresident adult children are studied with survey data from nine Chinese cities in 1987. The predominant flow is from children to parents, and money from children accounts for nearly a third of these parents' incomes. Parents' receipt of assistance is directly associated with parents' needs, is more likely directed to widowed mothers, and less likely to widowed fathers. Parents with more nonresident children are more likely to receive than to give help. Living with a child does not alter the odds of giving or receiving, but it reduces the amount given or received.     

IRA balances and contributions: an overview of the EBRI IRA database

NEW IRA DATABASE: The Employee Benefit Research Institute created the EBRI IRA Database in order to more closely examine retirement savings behavior. The EBRI IRA Database is able to link individuals within and across the data providers and will also be able to link the data with participants in 401(k) plans, allowing retirement funds to be tracked as they are generated, rolled over, and ultimately used. This Issue Brief is the first of a series of publications analyzing the EBRI IRA Database, and highlights the distribution of IRA owners by IRA type, average and median account balances, and contributions to IRAs. The data security techniques used by the data providers assure that EBRI has no ability to identify individuals so that all privacy is assured. IRA TYPES: In the EBRI IRA Database, IRAs are classified into four types: traditional (originating from contributions), rollovers from other retirement plans, Roth, and SEP/SIMPLE. The distribution of the IRA accounts is 33.6 percent traditional IRAs; 33.4 percent rollover IRAs (combined with the traditional IRAs, 67 percent); 23.4 percent Roth IRAs; the remaining 9.6 percent are SEPs and SIMPLEs. OWNERSHIP BY AGE AND GENDER: IRA owners were more likely to be male, especially those having a rollover or a SEP/SIMPLE IRA. Among all IRA participants in the database, nearly one-half (48.3 percent) were ages 45-64. Only 16.7 percent of those owning a traditional IRA were under age 45, compared with 46.5 percent for those with a Roth, 30.4 percent for rollovers, and 34.8 percent for those with a SEP or SIMPLE. AVERAGE AND MEDIAN BALANCES: The average and median IRA account balance in 2008 was $54,863 and $15,756, respectively, while the average and median IRA individual balance (all accounts from the same person combined) was $69,498 and $20,046, Individuals with a rollover balance had the highest average and median balance at $91,783 and $31,264. Roth owners had the lowest average and median balance at $14,056 and $7,319. The average and median individual IRA balance increased with age before leveling off for those age 70 or older. Averages--The average amount contributed to an IRA in the database was $3,665 in 2008. The average contribution was highest for accounts owned by those ages 65-69. More contributions were made to Roth accounts than to traditional (combined traditional and rollover) accounts. However, the average contribution to a traditional account was higher, at $3,798, compared with $3,580 to a Roth account. Yet, a higher overall amount was contributed to Roth IRAs ($3.4 billion for Roths compared with $2.3 billion for traditional accounts). By type--Focusing only on those owning traditional, rollover, or Roth IRAs, 12.1 percent of the accounts were contributed to, and 15.1 percent of the individuals owning these IRA types contributed to them in 2008. When combining the owners of traditional and rollover IRAs (which are considered the same type for contribution purposes), 7.2 percent contributed, while 29.5 percent of those owning a Roth IRA contributed to a Roth IRA. Maxing out--Of those individuals contributing, 42.4 percent contributed the maximum amount. Of those contributing to a traditional or rollover IRA, 43.4 percent maxed out, while 40.2 percent did so with a Roth IRA.     

Codifying Manamba: History, Knowledge Production and Sisal Plantation Workers in Tanzania

This paper examines the different bodies of knowledge produced about and by sisal plantation workers in Tanzania under colonialism and after independence. I take as my focus the labor category manamba , whose semantic field is rife with absences and contradictions. By examining the different modalities, agents and types of knowledge produced about and by sisal workers, I argue that the contradictions and absences of manamba reflect what David Scott calls "the dense field of operations" on the plantations. The multiple knowledges produced constituted on the one hand the modus operandi of organizing and regulating labor, while on the other they comprised the tactic workers deployed to subvert not only capitalist authority but also patriarchal structures of domination.     

Lifestyles and identity maintenance among gay Japanese-American males

An exploratory study of thirteen Japanese-American gay men residing in the Los Angeles area found that those men who had disclosed their sexual orientation to family members were more likely to express more positive attitudes concerning a variety of issues. Detailed personal accounts of these patterns are presented along with discussions of how Asian homosexuals maintain their “double-minority” identities as both Japanese and gay.     

When social accounts promote acceptance of unfair ultimatum offers: The role of the victim’s stress responses to uncertainty and power position

We examined which type of social account (denying responsibility versus apologizing) following an unfair offer makes recipients more likely to accept the offer in ultimatum bargaining. We identified stress responses to uncertainty as an individual difference factor that should moderate the relative effectiveness of these social accounts. A denial should make acceptance of an unfair offer more likely among recipients who respond to uncertainty with low stress. An apology should make such acceptance more likely among recipients who respond with high stress. Further, we argued that this cross-over interaction should be observed particularly among recipients interacting with a high power allocator. Two ultimatum bargaining experiments supported these ideas. Employing the perspective of victims of unfairness, the present research identifies a relevant individual difference moderator of the effectiveness of social accounts in bargaining situations and identifies power as a situational variable that promotes the expression of this factor.     

Differences in Graduate and Undergraduate Performance in a Core Research Course

In an effort to determine research content appropriate to the undergraduate and graduate degree programs, this study describes differences between undergraduate and graduate social work students and identifies predictors of achievement in an introductory research course. In general, graduates were older, had higher undergraduate grade point averages, were more likely to be male, and did better in the research course than undergraduates. The best predictors of achievement were undergraduate grade point average, interest in the class, and, for graduate students, prior experience in research.     

Do fines for violating possession-use-purchase laws reduce youth tobacco use?

The present brief report followed children exposed to consequences for violating Purchase, Use, and Possession (PUP) laws over time to assess changes in their smoking status. Youth in 24 towns were surveyed once a year for 3 years, and rates of tobacco use for those fined for PUP law violations were assessed. Of those who were given a ticket for a PUP law violation, 35 (39%) reported not smoking during year 1. Students in grade 7 were more likely to have quit smoking (84%) than those in grade 8 (35%), grade 9 (32%), or grade 10 (21%). For the two follow-up years, 45% and 41% reported not smoking. Assuming those who attrited were smokers, it is possible that about 15% to 24% of the original sample of children cited actually quit smoking over the follow-up period. The implications of these findings are discussed.     

Savings Account Ownership During the Great Recession

In the aftermath of the Great Recession, a substantial number of families were left financially at risk, especially those with lower income, less wealth, fewer years of education, and unstable employment. This study examined how families responded to the financial stresses of the Great Recession and found that families who were working age, had higher levels of education, and had become non-homeowners were more likely to maintain or open a basic savings account; whereas families who had lost a substantial amount of annual family income or wealth or were Black or Hispanic were more likely to have been without a savings account over the period. Insights from this study will help inform policymakers and others interested in encouraging family financial security and resiliency through basic savings accounts.     

Brothels as families: Reflections on the history of Bombay's1 kothas

Abstract

Feminist theory typically locates prostitution outside the ambit of familial institutions. In particular, sex radical feminists and some feminist historians cast prostitution as an alternative to heteronormative domesticity. This article stresses the continuities between families and brothels in their structures of affection, obligation and domination. Given that brothels have often been sites of residence in South Asia, the question I address is, to what extent have brothel relations mirrored conventional family roles? In doing so, I offer a caution against universalizing work as a category for framing and understanding commercial sex. I begin the article by explaining the need for greater specificity in transnational feminist conversations about prostitution, and pointing out absences in sex radical and feminist historical accounts. I then analyze brothel life in 1920s Bombay drawing on annual reports of social work organizations, testimonies from high court cases, police files, census figures and anecdotal accounts. I demonstrate how families facilitated the entry of women and girls into prostitution, and how kinship – both actual and fictive – legitimized participation in the sex trade. Within brothels, familial roles provided a ready-made hierarchy that secured the loyalty and obedience of subordinates. I close by showing how brothels functioned as alternate, rather than alternative, residences, especially for those sent there by their families.     

Urban path dependency theory and the living wage: Were cities that passed ordinances destined to do so?

Most accounts of why cities pass living wage ordinances stress the importance of grassroots coalitions that have successfully mobilized bias out of concerns for justice and fairness. On the basis of data from the Integrated Public Micro-Use Data Series (IPUMS) for the years 1950–1990, this paper argues that cities that passed ordinances had labor market characteristics that may have predisposed them to do so. These cities were also more likely to pass ordinances because of transformations in their labor markets that were occurring over several decades. It is these transformations that constitute a form of path dependence. Consequently, it is this path dependence that may account for why some cities were more conducive to the development of grassroots organizations and coalitions that were able to capitalize on changes over a 40-year period as a basis for mobilizing bias. Although the story of post-World War II economic transformations is nothing new, this paper seeks to make a systematic attempt to quantify the extent to which they may have made certain cities more likely to pass ordinances.