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/ 319 Index Abt Associates, 203 access: to banks, 98, 99, 128; to credit, 36–37, 38, 93; to financial products and services, 126–28, 140–41, 257 Acs, Z., 118n17 ADD (American Dream Demonstration) project. See American Dream Demonstration (ADD) project Additional Child Tax Credit (ACTC), 165 adjustable-rate mortgages (ARMs), 219, 229, 236–37, 238 affordable housing, 228–29, 237, 246–47 African Americans: asset inequality, 191–92; automatic enrollment in retirement accounts, 158; bankruptcy rates, 37; credit access, 38; credit card debt, 60, 61, 272–73, 278; equity, 34, 55, 56, 57; financial assets, 32, 52, 53, 54; financial market participation, 300; foreclosure rates, 244; homeownership , 34–35, 221; housing wealth, 58, 59; individual development account program impacts, 202; math achievement gap, 207; net worth, 43, 49, 50, 51; pension coverage, 39; vehicle equity, 62, 63; wealth accumulation, 26, 44–46 AFS (alternative financial services). See alternative financial services (AFS) age analysis: asset ownership, 286; bankruptcy rates, 37; credit access, 38; credit card debt, 60, 61, 270, 275, 278; equity, 55, 56, 57; financial assets, 52, 53, 54; housing wealth, 58, 59; net worth, 49, 50, 51; pension coverage, 39; vehicle equity, 62, 63 alternative credit products, 6–7 alternative financial services (AFS): costs of, 4; fees, 3; growth of, 310; LMI households , 68, 80, 87–93; services, 3, 87. See also payday loans Altonji, J., 45, 46 “American Dream,” 218 American Dream Demonstration (ADD) project: asset holding impact, 202–3; cost of, 169, 200–201; history and purpose of, 193–94; homeownership impacts, 202; interview of participants, 196–97; net worth impact, 203; policy influence, 204, 209; savings patterns and outcomes, 194–96; Wave 4, 205 American Payroll Association, 127 America Saves!, 174 America Saving for Personal Investment Retirement and Education (ASPIRE) Act, 156, 181, 205 Amuedo-Dorantes, C., 303, 314n8, 13 An, X., 226 Anderson, S., 173 Antoniewicz, R., 27 Armendáriz, B., 117n3 ARMs (adjustable-rate mortgages ), 219, 229, 236–37, 238 Ashraf, N., 162 Asian Americans and immigrants , 300, 311 ASPIRE (America Saving for Personal Investment Retirement and Education) Act, 156, 181, 205 asset-building programs, 97–98, 169–70, 191–92, 205–6, 209. See also individual development accounts (IDAs) asset poverty rate, 149 assets, financial. See financial assets Assets for Independence Act (1998), 26, 204 asset tests, 171, 204 automatic deposits. See direct deposit automatic enrollment, in 401(k) plans, 124, 157–58, 199 automobile ownership, 30, 36, 62–63, 86 Avery, R., 225 Bacheldor, E., 77 Bahre, E., 174 Bair, S., 15, 204 Baland, J., 173 Bangladesh: Financial Diaries, 102; Grameen Bank in, 97; household financial instruments , 118n13 bank access, 98, 99, 128 bank accounts: barriers to opening, 76; and credit establishment, 4; immigrants , 310–11; low-income Americans lacking, 3, 5; products for low-income families, 15, 69; research considerations , 19; and saving, 4; for state benefit payments, 94–95; tax credits to financial institutions offering lowcost , 16, 93–94, 95; workshops for low-income people, 138–39. See also checking accounts; direct deposit; savings accounts Bank of America, Keep the Change program, 159–61 Bank on San Francisco project , 15 bank overdrafts, 87, 88–89, 90, 93 bankruptcy, 36, 37, 81, 257 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) (2005), 281n2 banks: access to, 98, 99, 128; check-cashing services, 78; consumer loans, 15; immigrant market, 310–11; locations of, 310; partnerships with nonbanks, 138, 179–80; Boldface numbers refer to figures and tables. in poor neighborhoods, 98; presence in low-income neighborhoods, 15; prizelinked savings products, 177; tax credits, 16, 93–94, 95; tax refund accounts, 94; Truth in Lending Act (TILA), 140 bank status, data on, 18 Bansak, C., 303, 314n8, 13 Barnett, S., 211n18 Barr, M., 77, 82 Batson, D., 122 behavioral economics: biases, 157; channel factors, 124–26, 138–39, 141; check-cashing, 137–38; construal role, 123, 125, 141; context importance, 122–23, 125; credit, 17; vs. “culture of poverty” perspective , 121–22; government regulation, 139–40; mental accounting, 105, 123–24, 135, 196; payday loans, 136–37; and ROSCA potential, 173–74; savings, 198–200; and unbanked, 133–35; wealth accumulation, 46–47 Belsky, E., 220 Benartzi, S., 164 Bernheim, D., 170, 312 Berry, C., 137 Biggart, N. Woolsey, 174 bill-paying behavior, 80 Bird, E., 263, 267 Black, S., 281n3 black Americans. See African Americans black immigrants, 291, 300, 311 Blau, F., 45, 300 Boehm, T., 227, 247 Borjas, G., 304 Boshara, R., 211n17 Bostic, R., 220, 225, 226, 247 Bouman...

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Additional Information

ISBN
9781610445887
Related ISBN
9780871540782
MARC Record
OCLC
794701240
Pages
336
Launched on MUSE
2012-01-01
Language
English
Open Access
No
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