Financial Security Initiatives

The Social Policy Institute collaborates with organizations across sectors to implement behavioral economic interventions that aim to improve the financial well-being of individuals.

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.

The Social Policy Institute has conducted several research studies to understand the effect that the Child Tax Credit expansion had on American families.

While studying the Child Tax Credit the Social Policy Institute researched how the credit has affected employment.

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.

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.

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.

The Social Policy Institute is involved in several international research projects that focus on advancing financial security and improving the delivery of social services.

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.

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.

The Job Quality and Managerial Practices research agenda examines how employers can redesign jobs and employment practices to improve the financial stability of their frontline workers.

The PerkUp CAFÉ program was launched in October 2020. The experiment tests whether need-based consumption can be encouraged through an unconditional cash transfer (UCT) as opposed to traditional means testing (e.g. making workers document financial need).

This four-part experiment to test the best way of achieving this goal. Interventions will include SMS payment reminders, simple goal setting and reminders, and finally, a “financial health first-aid kit” which will remind participants of their goals with personalized SMS reminders.

In a collaborative project with the U.S. Department of the Treasury and Intuit, Inc., a team of SPI researchers explored methods of promoting the myRA (My Retirement Account) savings program at tax time—when households file their taxes. It focused specifically on opportunities in an online tax-filing setting and in person at Volunteer Income Tax Assistance (VITA) sites.

In order to understand the impact of the Child Tax Credit on American families, the Social Policy Institute released a nationally representative survey with a control group of non-eligible families and individuals.

Refund to Savings (R2S) is a nationwide tax-time experiment testing the effect of incorporating behavioral economics-based messages and strategies into the tax-filing process to increase tax refund savings.

COVID-19 has dramatically shifted the world, and applying lessons learned during the pandemic will be critical as we not only rebuild our economy, but make it more equitable, too.

The WFSI team is conducting a survey of 350 small business owners (SBOs) in customer-facing (e.g., food services, childcare) industries which have experienced revenue decreases and missed loan payments above the national average

These briefs use data from the Census Household Pulse survey to examine how a representative sample of CTC-eligible families making less than $150,000 a year report using their payments. This survey was administered between July 21 and August 16, covering the period in which the first two CTC payments were deposited in families’ bank account. These fact sheets include key data on CTC receipt, payment usage, and changes in families’ food security after the payments went out.

Established in 2017, the Workforce Financial Stability Initiative (WFSI) seeks to understand how frontline employees’ work conditions and benefits affect their financial stability and to identify and test workplace innovations to improve these conditions.