Financial Credit Outcomes of IDA Participation: Longitudinal Findings
Financially vulnerable families often struggle with low credit scores. Thus, improved participant credit is often a goal of asset development programs, such as the Individual Development Account (IDA) program, but little is known about the long-term credit outcomes of participation. This article rep...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
New Prairie Press
2014-12-01
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| Series: | Journal of Financial Therapy |
| Subjects: | |
| Online Access: | http://newprairiepress.org/cgi/viewcontent.cgi?article=1082&context=jft |
| _version_ | 1818449611386257408 |
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| author | Julie Birkenmaeier Jami Curley Patrick Kelly |
| author_facet | Julie Birkenmaeier Jami Curley Patrick Kelly |
| author_sort | Julie Birkenmaeier |
| collection | DOAJ |
| description | Financially vulnerable families often struggle with low credit scores. Thus, improved participant credit is often a goal of asset development programs, such as the Individual Development Account (IDA) program, but little is known about the long-term credit outcomes of participation. This article reports the final results of a three-year longitudinal exploratory study of credit outcomes for IDA participants. Using a convenience sample of IDA participants and non-participants (N = 164), data were analyzed using nonparametric and Chi-square for independence tests. Results indicate that participant credit scores improvements are achieved and maintained. Credit score is not a meaningful indicator of program completion, time to completion, or type of asset purchased for participants. Those who completed the IDA program within two years experienced the highest credit gains. Future research with larger samples is needed to further assess the impact of credit scores on program participation and completion. |
| first_indexed | 2024-12-14T20:38:10Z |
| format | Article |
| id | doaj.art-0eafe2bfce524412838e356ecbb49af8 |
| institution | Directory Open Access Journal |
| issn | 1944-9771 |
| language | English |
| last_indexed | 2024-12-14T20:38:10Z |
| publishDate | 2014-12-01 |
| publisher | New Prairie Press |
| record_format | Article |
| series | Journal of Financial Therapy |
| spelling | doaj.art-0eafe2bfce524412838e356ecbb49af82022-12-21T22:48:20ZengNew Prairie PressJournal of Financial Therapy1944-97712014-12-015210.4148/1944-9771.1082Financial Credit Outcomes of IDA Participation: Longitudinal FindingsJulie Birkenmaeier0Jami Curley1Patrick Kelly2Saint Louis UniversitySaint Louis UniversitySaint Louis University Financially vulnerable families often struggle with low credit scores. Thus, improved participant credit is often a goal of asset development programs, such as the Individual Development Account (IDA) program, but little is known about the long-term credit outcomes of participation. This article reports the final results of a three-year longitudinal exploratory study of credit outcomes for IDA participants. Using a convenience sample of IDA participants and non-participants (N = 164), data were analyzed using nonparametric and Chi-square for independence tests. Results indicate that participant credit scores improvements are achieved and maintained. Credit score is not a meaningful indicator of program completion, time to completion, or type of asset purchased for participants. Those who completed the IDA program within two years experienced the highest credit gains. Future research with larger samples is needed to further assess the impact of credit scores on program participation and completion.http://newprairiepress.org/cgi/viewcontent.cgi?article=1082&context=jftLongitudinalCreditAsset Developmeis ntIndividual Development AccountCredit Score |
| spellingShingle | Julie Birkenmaeier Jami Curley Patrick Kelly Financial Credit Outcomes of IDA Participation: Longitudinal Findings Journal of Financial Therapy Longitudinal Credit Asset Developmeis nt Individual Development Account Credit Score |
| title | Financial Credit Outcomes of IDA Participation: Longitudinal Findings |
| title_full | Financial Credit Outcomes of IDA Participation: Longitudinal Findings |
| title_fullStr | Financial Credit Outcomes of IDA Participation: Longitudinal Findings |
| title_full_unstemmed | Financial Credit Outcomes of IDA Participation: Longitudinal Findings |
| title_short | Financial Credit Outcomes of IDA Participation: Longitudinal Findings |
| title_sort | financial credit outcomes of ida participation longitudinal findings |
| topic | Longitudinal Credit Asset Developmeis nt Individual Development Account Credit Score |
| url | http://newprairiepress.org/cgi/viewcontent.cgi?article=1082&context=jft |
| work_keys_str_mv | AT juliebirkenmaeier financialcreditoutcomesofidaparticipationlongitudinalfindings AT jamicurley financialcreditoutcomesofidaparticipationlongitudinalfindings AT patrickkelly financialcreditoutcomesofidaparticipationlongitudinalfindings |