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On April 28th, Margaret Sherraden, professor of Social Work at the University of Missouri in St. Louis, spoke at �鶹������ý highlighting findings from her new book, “Striving to Save: Creating Policies for Financial Security of Low-Income Americans”. In the book, Dr. Sherraden and her co-authors examine savings behaviors and challenges faced by low-income Americans using a combination of empirical data analysis and ethnographic-style interviews with low-income families participating in an Individual Development Account (IDA) matched-savings program.

Rajiv Prabhakar, lecturer at the Open University in the UK joined the discussion bringing insights from his work with savings policies in the United Kingdom. Dr. Prabhakar lauded research like that of Dr. Sherraden and her colleagues for helping to advance the savings discussion beyond simple questions of “Can low-income individuals save?” towards a broader focus on the types of accounts and programs to best promote savings and financial security for low-income households.

Drs. Sherraden and Prabhakar, along with moderator Reid Cramer, discussed the main findings of the book focusing on the fact that low-income families, like most families across the country, want to save but lack necessary supports and that much of current public policy promotes asset building among middle- and upper-income households rather than low-income families. Dr. Sherraden also emphasized the beneficial nature of savings, both financial and psychological, finding that having savings helped individuals broaden their outlook in life—focusing on the future and opportunities for success and personal advancement.

Dr. Sherraden read aloud selected excerpts from the personal stories and detailed commentary of families interviewed in her book. These stories humanize the discussion of savings policy for low-income Americans and the combination of quantitative and qualitative research, Dr. Prabhakar noted, paint a strong argument for thoughtful policy development. Following the participants’ discussion, questions and comments from the audience focused on the need to establish inclusive savings programs that incorporate supportive and educational components for low-income individuals as well as the need for strong federal regulatory policy to protect consumer’s personal financial transactions.

Participants

Featured Speaker
Margaret Sherraden
Author, Striving to Save
Professor, Social Work, University of Missouri, St. Louis

Discussant
Rajiv Prabhakar
Lecturer, The Open University
ESRC Fellow, London School of Economics

Moderator
Reid Cramer
Director, Asset Building Program
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