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Predicting Savings for White and Black Young Adults: An Early Look at Racial Disparities in Savings and the Potential Role of Children’s Development Accounts (CDAs)

Low Social Status Markers: Do They Predict Depressive Symptoms in Adolescence?

Race and Social Problems : Volume 3, Issue 1, March 2011

Race and Social Problems : Volume 2

Race and Social Problems : Volume 1

Predicting Savings for White and Black Young Adults: An Early Look at Racial Disparities in Savings and the Potential Role of Children’s Development Accounts (CDAs)

Content Provider	Springer Nature Link
Author	Friedline, Terri L. Elliott, William
Copyright Year	2011
Abstract	This paper explores predictors of young adults’ savings using propensity score analysis and logistic regression with separate, longitudinal samples of whites and blacks aged 17–23 from the Panel Study of Income Dynamics. We ask who saves among adolescents and young adults and whether the likelihood of having a savings account and the amount saved in young adulthood can be predicted by two factors: (1) having a savings account during adolescence and (2) having families who own assets. The majority of white (90%) and black (64%) young adults had savings; however, blacks saved about 3% the amount saved by whites, suggesting that young adults’ savings may be patterned after disparities in the distribution of assets and families may transfer a financial advantage to young adults. Logistic regression results find that among whites, future orientation was a significant predictor of having a savings account in young adulthood. A notable trend level finding was that white young adults were more likely to have a savings account when they had a savings account as adolescents. Among blacks, academic achievement and household size were significant predictors of having a savings account in young adulthood. If confirmed in future research, findings suggest that Children’s Development Accounts may be one way to reduce racial disparities in savings by intervening at a young age and providing universal accounts to improve savings across the life course.
Starting Page	99
Ending Page	118
Page Count	20
File Format	PDF
ISSN	18671748
Journal	Race and Social Problems
Volume Number	3
Issue Number	2
e-ISSN	18671756
Language	English
Publisher	Springer US
Publisher Date	2011-06-07
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Savings Race Young adults Panel study of income dynamics (PSID) Transition to adulthood (TA) Propensity score analysis (PSA) Personality and Social Psychology Social Work
Content Type	Text
Resource Type	Article
Subject	Sociology and Political Science Anthropology

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Predicting Savings for White and Black Young Adults: An Early Look at Racial Disparities in Savings and the Potential Role of Children’s Development Accounts (CDAs)