Nothing to Show for It: Non-Degreed Debt and the Financial Circumstances Associated with It

The number of individuals with student loan debt who do not earn their degrees is on the rise; nevertheless, there is little research that demonstrates the financial conditions and circumstances of these individuals. We address this knowledge gap by comparing the financial outcomes of student debt-holders who started college but did not earn a degree—those […]

The Impact of Gig-Economy on Financial Hardship among Low-Income Families” Kaitlin Daniels, Olin Business School at Washington University

As the gig economy plays an increasingly important role in the labor market, there is a need to understand the economic factors that influence participation in this sector. In this paper, we investigate how saving the federal tax refund affects gig economy participation for low-income online tax filers in the six months following tax filing. […]

Encouraging Tax‐Time Savings With A Low‐Touch, Large‐Scale Intervention: Evidence From The Refund To Savings Experiment

Low‐ and moderate‐income households often struggle to save, but the annual tax refund represents a prime opportunity for these households to save toward their financial goals or build their emergency savings. This paper presents the results of a randomized, controlled experiment embedded in a free tax‐preparation product offered in 2013 to low‐ and moderate‐income households. […]

Effects of a randomized tax-time savings intervention on savings account ownership among low- and moderate-income households

Being unbanked makes it difficult for low and moderate-income (LMI) households to manage finances, save, and access credit. We assessed effects of an online tax-time savings intervention on savings account openings in the 6 months following tax filing among a sample of4,692 LMI tax filers. Treatment group participants had 60% greater odds of opening a […]

Financial shocks, liquid assets, and material hardship in low- and moderate-income households: Differences by race

Low- and moderate-income (LMI) households need financial assets to help cope with income and expenditure shocks. Prior research identifies racial differences in wealth and wealth effects. We examined whether these gaps and effects exist for liquid financial assets. Using group invariance tests in structural equation modeling, we assessed the relationship between financial shocks and material […]

Behavioral interventions to increase tax-time saving: Evidence from a national randomized trial

Too many households have too little set aside for emergencies, long-term goals, or retirement. This study presents evidence from the Refund to Savings Initiative, a large-scale randomized experiment testing interventions to increase household savings by encouraging filers to set aside a portion of their tax returns. Grounded in techniques of behavioral economics, these interventions are […]

Coping with a crisis: Financial resources available to low- and moderate-income households in emergencies

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 […]

WashU Expert: Getting a tax refund? Consider saving it (Links to an external site)

Refund To Savings (R2S), is a collaboration of academic researchers from the CSD, Duke University and Intuit Inc., the maker of TurboTax tax preparation software. R2S builds a saving-promotion experiment as a randomized controlled trial into the TurboTax Free File Online product that is available free to low- and moderate-income households.

Use of alternative financial services in low- and moderate-income households: Evidence from Refund to Savings

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 […]

Refund to Savings 2013: Comprehensive report on a large-scale tax-time saving program

Improving the financial security of low- and middle-income households through the savings of federal tax refunds is the central mission for the Refund to Savings (R2S) initiative. It is important to understand the context in which those households are trying to save and the methods of coping with contingencies when savings are not available. Such […]