Institutional determinants of saving: implications for low-income households and public policy |
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| Institution: | 1. SC Recupero e Rieducazione Funzionale - sede di Savona, Dipartimento di Cure Primarie, ASL 2 Sistema Sanitario Regione Liguria, Savona, Italy;2. A.Li.Sa. Liguria Health Authority, Genova, Italy;3. Direzione Amministrativa, U.O. Bilancio e Programmazione Finanziaria, IRCCS Ospedale Policlinico San Martino, Genova, Italy;4. SC Assistenza Farmaceutica Territoriale, ASL 3, Genova, Italy;5. U.O. Bilancio e flussi finanziari, Area dipartimentale economica e gestionale, AUSL della Romagna, Ravenna, Italy;6. IRCCS Istituto Giannina Gaslini, Genova, Italy;7. Department of Neuroscience, Rehabilitation, Ophthalmology, Genetics, Maternal and Child Health, University of Genoa, Genova, Italy;8. Division of Clinical Neurophysiology and Epilepsy Center, Department of Neuroscience, IRCCS Ospedale Policlinico San Martino, Genova, Italy;1. Swedish House of Finance at the Stockholm School of Economics, Drottninggatan 98, Stockholm SE-111 60, Sweden;2. LinkedIn Corporation, 2029 Stierlin Ct, Mountain View, CA 94043, United States;3. Fuqua School of Business, 100 Fuqua Drive, Durham, NC 27708, United States;1. Faculty of Economics, University of Cambridge, United Kingdom;2. Economic Studies, University of Dundee, United Kingdom;3. Research Department, Statistics Norway, Norway;4. IZA, Germany;5. ESOP, University of Oslo, Norway |
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| Abstract: | There is an emerging policy and academic discussion, supported by a growing body of empirical evidence, regarding the potentially positive effects of asset accumulation in low-income households. However, at least two questions precede this discussion: Can the poor save? And, if so, how can programs and policies promote saving by the poor? This paper begins to address these questions by examining the effects of institutional variables on saving behavior. We posit that four institutional variables—institutionalized saving mechanisms, targeted financial education, attractive saving incentives, and facilitation—promote saving. However, low-income households are substantially less likely to have access to these institutions, a phenomenon that may help explain their below-average saving rates. This discussion has implications, especially as policy-makers consider various proposals to increase the saving rates of low- and middle-income Americans. |
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