Financial security – being able to meet basic needs, cope with unexpected events, build assets, and experience economic mobility – enables individuals and families to be full and active participants in society. Due to this, the financial security of households drives economic growth and shared prosperity. By understanding and evaluating policies that promote equity and financial security, the Social Policy Institute supports a future where individuals and families can achieve financial stability and experience upward social mobility.
The Social Policy Institute finds innovative and scalable solutions to support financial security of individuals and families through practice, policy, and institutional change.
Research projects vary from working with local community partners to implement behavioral interventions to analyzing the impact of nationwide policies, such as the 2021 expanded Child Tax Credit. Financial security research also includes identifying, implementing, and testing innovative financial technology program solutions, evaluating strategies to promote financial inclusion, and understanding the role that savings, credit, and debt play in driving household financial well-being. Through our Workforce Financial Stability Initiative (WFSI), we also examine the relationship between employer-level decisions around pay, scheduling, and benefits, and the financial security of low-wage and frontline workers.
Our Financial Security Initiatives
Behavioral Interventions to Promote Social Mobility
Financial Security
The Social Policy Institute collaborates with organizations across sectors to implement behavioral economic interventions that aim to improve the financial well-being of individuals.
Building on Benefits
Research Agenda
The Building on Benefits research agenda examines ways to improve employer benefits so these benefits promote financial stability for low- to moderate-income (LMI) workers and their families.
Child Tax Credit
Financial Security
The Social Policy Institute has conducted several research studies to understand the effect that the Child Tax Credit expansion had on American families.
Effect on employment
While studying the Child Tax Credit the Social Policy Institute researched how the credit has affected employment.
Employee Financial Wellness Programs
Research Agenda
The Employee Financial Wellness Programs (EFWPs) research agenda examines a new set of employer benefits and initiatives aimed at helping low- to moderate-income (LMI) workers achieve financial stability.
Enhancing Financial Capability Efforts at Volunteer Income Tax Assistance Sites
Research Agenda
During the 2018 tax season, Prosperity Now and the Social Policy Institute partnered with the Consumer Financial Protection Bureau and Prosperity Now on an initiative to standardize and enhance the data collection efforts at Volunteer Income Tax Assistance (VITA) sites. These sites provide free tax filing services to low- and moderate-income tax filers, and often provide other services (such as bank account opening, financial coaching, and savings programs) in conjunction with tax filing.
Gig Work and Self-Employment
Research Agenda
SPI analyzes data from the Household Financial Survey and Socioeconomic Impacts of COVID-19 Survey to explore how non-traditional work relates to workers’ financial stability.
Global Policy Research
Financial Security
The Social Policy Institute is involved in several international research projects that focus on advancing financial security and improving the delivery of social services.
Household Financial Survey (HFS)
Financial Security
Since 2013 SPI researchers have conducted the Household Financial Survey, a national, twice-per-year survey administered to a random sample of low- and moderate-income online tax filers.
Increasing Savings
SPI is currently developing additional experiments with Backer, which may include anchoring contribution amounts and providing asset growth charts that allow individuals to compare the returns of different contribution options.