2023 FRAC Research Brief Abstract The 2021 expanded Child Tax Credit (CTC) showed a clear path to dramatically cutting hunger and poverty — the central root cause of hunger — among households with children. These essential benefits for children and their families were lost when the CTC expired in December 2021. This brief provides key […]
Summary The 2021 expanded Child Tax Credit (CTC) provided temporary enhancements to the existing CTC for the tax years 2021 and 2022. Under the expanded credit, families with children under the age of 18 were eligible to receive a credit of up to $3,000 per child ($3,600 for children under the age of 6). In […]
Summary In 2020, healthcare expenditures averaged $12,530 per person, up 9.7% from 2019. In 2018, 19% of U.S. households had medical debt with $2,000 being the median amount owed. Over half of adults between 18 to 64 years of age are estimated to experience some form of medical financial hardship including medical bills or debt, […]
Summary We completed a study about frontline healthcare workers – the benefits they get through work and how they are doing financially. This brief provides highlights from our survey to 2,321 workers and interviews with 30 workers.
Small business owners experienced a drastic economic disruption caused by the COVID-19 pandemic. Government pandemic assistance failed to reach many small business owners, especially those historically underserved by financial institutions. Drawing on a 2021 survey of 246 small business owners, the Social Policy Institute at Washington University in St. Louis descriptively examined the extent to […]
Approximately 60 million American children living in 35 million households received monthly payments from the federal government as part of the temporary Child Tax Credit (CTC) expansion. Discourse over whether or not the expanded CTC caused parents to leave the workforce emerged during the period of the expanded credit. On one side, a large number […]
Paid sick leave is vital for controlling the spread of illness in the workplace and an invaluable public health tool, but too few workers have access to it. In this brief, we examine the beginning of the COVID-19 pandemic to assess paid sick leave coverage with a focus on the social and economic characteristics of […]
As rates of vaccination have slowed, concerns are growing about how to increase vaccine uptake among those who are vaccine hesitant, particularly with the emergence of new and contagious variants such as Delta. Using our national Socioeconomic Impacts of COVID-19 Survey, we examine the predictors of vaccine hesitance in the U.S. and report on findings […]
In response to the economic crisis caused by the COVID-19 pandemic, the U.S. federal government enacted initiatives designed to help households weather the pandemic’s effects. These initiatives included expansions of existing programs, such as unemployment insurance, as well as new programs like the economic impact payments. In this brief, we investigate the extent to which […]
The COVID-19 pandemic caused major disruptions in employment, child care and education. As a result, both parents and children experienced a variety of hardships in their work and education. While these hardships had reverberating effects throughout households, they were not equally distributed across families with children. In this brief, we explore the effects of COVID-19 […]
Early in the COVID-19 pandemic, U.S. unemployment peaked at 14.4%. While some workers have returned to payrolls, others have been left behind. This brief examines the nuances of employment changes over the course of the pandemic and the impact of those changes on household financial well-being. Our study finds that the proportion of employees who […]
Even prior to the COVID-19 pandemic, U.S. households were burdened by the cost of rental and mortgage payments, burdens which disproportionately fell on Black and Hispanic families. Using a 5-wave survey, we examined whether disparities in housing cost burden continued throughout the pandemic and trends in how households fell behind on rent and mortgage payments. […]
When COVID-19 was declared a pandemic, and economic shutdowns began in March 2020, households across the United States were faced with an unprecedented crisis that would affect their health, financial security and overall well-being for an unforeseeable amount of time. In order to examine and track the wide-ranging impacts of the pandemic on households, as […]
The financial technology (fintech) sector has grown rapidly in recent years. Awareness and use of fintech has grown as companies in this sector have increased their user-friendly design, convenience, and accessibility. A unique fintech niche that has developed rapidly alongside the overall industry is known as “employer-channel fintech.” Offered by employers, these solutions or benefits […]
In this study, we examined Onward, an employer-based mobile app that enables workers to save via payroll deduction and receive financial education and coaching as a means to address financial challenges such as difficulty paying bills on time, managing debt, and accruing savings. An important feature of Onward is that employees can save automatically through […]
MedPut offers a way for employees to pay their out-of-pocket health care expenses through payroll deducted or Health Savings Account (HSA) payments capped at 5% of gross pay. Employees that use MedPut are much more likely to report having problems paying medical bills and to report putting off health care due to cost concerns. Nearly […]
In this study, we examined Manifest, a digital platform that makes it easier for employees to transfer 401k retirement accounts when they change jobs. Transferring accounts reduces the likelihood employees cash out and helps them consolidate their retirement savings. We examined 401k plan activity among nearly 15,000 employees of a private university over a four-year […]
In this study, we examined HoneyBee, a service company that provides access to 0% APR loans and financial coaching through the workplace. HoneyBee aims to offer employees in need a more affordable credit alternative to payday and auto title loans and therefore help addressing significant cash flow emergencies. Data for this exploratory study included 65 […]
In this report, we explore employee usage trends of Brightside, an employee financial health platform that is designed to improve the financial health of working families. Using this platform, employees can open “cases” to address a financial need or goal they have. Brightside connects these employees with financial assistants who, in turn, connect the employees […]
This research brief is part of a series by the Social Impact Nudgeathon initiative. This initiative incorporated insights from behavioral economics into the design and delivery of social welfare programs. Developed through a partnership between the Joint Distribution Committee in Israel (JDC-Israel) and the Social Policy Institute (SPI) at Washington University in St. Louis, this initiative is among the first of its kind to launch in Israel. […]
This research brief is part of a series by the Social Impact Nudgeathon initiative. This initiative incorporated insights from behavioral economics into the design and delivery of social welfare programs. Developed through a partnership between the Joint Distribution Committee in Israel (JDC-Israel) and the Social Policy Institute (SPI) at Washington University in St. Louis, this initiative is among the first of its kind to launch in Israel. […]
There are several types of Employee Financial Wellness Programs (EFWPs), such as workplace financial counseling, workplace credit building, and employer-sponsored small dollar loans. Each program benefits the company and its employees in different ways.
The Social Policy Institute at Washington University in St. Louis, with generous support from the W. K. Kellogg Foundation, studied the implementation of EFWPs at several diverse organizations, including a nonprofit in the Midwest and several supply chain locations of a national retailer, to understand the impact. As a result, we’ve identified five ways in which providers can maximize the benefits of EFWPs and avoid pitfalls along the way.
There are several types of Employee Financial Wellness Programs (EFWPs), such as workplace financial counseling, workplace credit building, and employer-sponsored small dollar loans. Each program benefits the company and its employees in different ways.
The Social Policy Institute at Washington University in St. Louis, with generous support from the W. K. Kellogg Foundation, studied the implementation of EFWPs at several diverse organizations, including a nonprofit in the Midwest and several supply chain locations of a national retailer, to understand the impact. As a result, we’ve identified four ways in which organizations can maximize the benefits of EFWPs and avoid pitfalls along the way.
This research brief is part of a series by the Social Impact Nudgeathon initiative. This initiative incorporated insights from behavioral economics into the design and delivery of social welfare programs. Developed through a partnership between the Joint Distribution Committee in Israel (JDC-Israel) and the Social Policy Institute (SPI) at Washington University in St. Louis, this initiative is among the first of its kind to launch in Israel. […]
This research brief is part of a series by the Social Impact Nudgeathon initiative. This initiative incorporated insights from behavioral economics into the design and delivery of social welfare programs. Developed through a partnership between the Joint Distribution Committee in Israel (JDC-Israel) and the Social Policy Institute (SPI) at Washington University in St. Louis, this initiative is among the first of its kind to launch in Israel. […]
This brief outlines the results of an assessment of Mobility Connection, a housing mobility program in St. Louis, Missouri. Mobility Connection is administered through Ascend STL and this assessment was conducted in partnership with the Social Policy Institute at Washington University in St. Louis. Our research focused on answering the following questions: How do Mobility […]
This is one research brief in a series of five completed through the Employee Financial Wellness Programs Project. In this study, we examine administrative data for national nonprofit Working Credit’s employee benefit, which combines credit building education, one-on-one counseling, and access to financial products to help workers establish good credit. Working Credit offers credit-building services […]
This is one research brief in a series of five completed through the Employee Financial Wellness Programs Project. In this study, we focus on a workplace credit-building counseling program. This service is offered by a non-profit service provider that combines credit-building education, one-on-one counseling, and access to financial products to help low-income workers establish good […]
This is one research brief in a series of five completed through the Employee Financial Wellness Programs Project. In this study, we analyze administrative data and interviews regarding Trusted Advisor, a workplace financial wellness benefit offering one-on-one counseling linked to vetted financial tools. The purpose of this study was to examine take-up, engagement, and financial […]
This is one research brief in a series of five completed through the Employee Financial Wellness Programs Project. In this study, we focus on an employer-sponsored small-dollar loan (ESSDL) product, TrueConnect loans, aimed at providing employees an affordable credit alternative to payday, auto title, and other high-cost loans. We present and discuss results of our […]
This is one research brief in a series of five completed through the Employee Financial Wellness Programs Project supported by the W.K. Kellogg Foundation. In this study, we focus on the results of analyses of administrative data for Trusted Advisor, a workplace financial wellness benefit offering one-on-one counseling linked to vetted financial tools. This service […]
Sun, S., Roll, S. P., Kondratjeva, O., Bufe, S., & Grinstein-Weiss, M. (2019, March). Assessing the Short-Term Stability of Financial Well-Being in Low- and Moderate-Income Households. (SPI Research Brief No. 19-01). St. Louis, MO: Washington University, Social Policy Institute.
Bufe, S., Sun, S., Roll, S. P., Kondratjeva, O., & Grinstein-Weiss, M. (2019, March). How do Changing Financial Circumstances Relate to Financial Well-Being? Evidence from a National Survey. (SPI Research Brief No. 19-02). St. Louis, MO: Washington Univer¬sity, Social Policy Institute.
Sun, S., Kondratjeva, O., Roll, S. P., Despard, M., & Grinstein-Weiss, M. (2018, December). Financial well-being in low- and moderate-income households: How does it compare to the general population? (SPI Research Brief No. 18-03). St. Louis, MO: Washington Univer¬sity, Social Policy Institute.
The success of the federal Earned Income Tax Credit (EITC) has prompted numerous states to develop and administer their own EITC programs. This brief presents the results of analyses that used data from a large sample of low- and moderate-income households to learn more about the relationship between state and federal EITCs as well as […]
Workplace-based Employee Financial Wellness Programs (EFWPs) aim to strengthen employees’ financial well-being through services such as financial coaching, payroll advances and short term installment loans, credit counseling, debt management, and online financial management tools. Although EFWPs are a fast-growing part of employee benefit packages, offerings vary widely in service type and delivery method across employers, […]
Employee Financial Wellness Programs (EFWPs) consist of a wide array of workplace-based services and benefits that aim to enhance employees’ financial well-being, such as in-person financial coaching, online financial management tools, and payroll advances or short-term loans. EFWP provision varies across employers with few organizations offering the same set of services. The recently released Employee […]
This brief uses administrative income tax data coupled with survey responses from roughly 5,000 households living near the poverty line to estimate how access to the Affordable Care Act’s health insurance Marketplaces have affected households’ experiences of extreme illiquidity, which is measured by delinquencies on home payments. To estimate this relationship, we exploit a natural […]
Using data from tax records and a longitudinal survey, this brief investigates the choices low- and moderate-income households make about their tax withholding and their preferences for withholding. The relationship between withholding preferences and the use of the tax refund, measures of material hardship, and the use of alternative financial services is also explored. We […]
Roll, S. P., Mitchell, D. S., Bufe, S., Lynne, G., & Grinstein-Weiss, M. (2017, October). The experience of volatility in low- and moderate-income households: Results from a national survey (Issue Brief). Washington, DC: Aspen Institute and Center for Social Development.
Roll, S. P., Mitchell, D. S., Holub, K., Bufe, S., & Grinstein-Weiss, M. (2017, December). Responses to and repercussions from income volatility in low- and moderate-income households: Results from a national survey (Issue Brief). Washington, DC: Aspen Institute and Center for Social Development.
The Earned income tax credit (EITC) is regarded as one of the largest antipoverty policies in the United States. Unlike traditional cash benefits, the EITC is received as a lump sum tax refund. This research brief looks at new proposals from policymakers and advocates that seek to increase savings around tax time. These proposals could […]
Having a bank account is one important way for households to securely accumulate savings, build credit, and earn interest on assets. Nationally, 7.7% of households are unbanked—lacking both a checking and a savings account. One proposed step toward financial inclusion is to encourage unbanked households to open accounts and deposit refunds into savings at tax […]
Health insurance is an important resource for enabling access to and use of medical care, and is associated with reduced risk for mortality and poor health outcomes. Health insurance also protects households from incurring major medical expenses and unmanageable levels of medical debt. About a quarter of a sample of low- and moderate-income (LMI) tax […]
Despite significant gains in the U.S. economy following the Great Recession, finances remain a common source of stress for many American households. In 2016, 52% of U.S. workers reported that their financial position made them stressed, and research reveals that stress and anxiety associated with finances are particularly common among low-income Americans. In this brief, […]
Unable to conduct everyday financial transactions without a bank account or in need of flexible, shortterm credit, many low- and moderate-income (LMI) households turn to alternative financial services (AFSs). This brief summarizes research on AFS use among LMI tax filers participating in the Refund to Savings (R2S) Initiative. We make an important contribution to AFS […]