US Finance https://poverty-action.org/ en Are High-Interest Loans Predatory? Theory and Evidence from Payday Lending https://poverty-action.org/publication/are-high-interest-loans-predatory-theory-and-evidence-payday-lending <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--title--rss.html.twig * field--node--rss--title--template-g-details-flex.html.twig * field--node--rss--title.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--title--template-g-details-flex.html.twig x field--node--title.html.twig * field--node--template-g-details-flex.html.twig * field--rss--title.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Are High-Interest Loans Predatory? Theory and Evidence from Payday Lending</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--uid--rss.html.twig * field--node--rss--uid--template-g-details-flex.html.twig * field--node--rss--uid.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--uid--template-g-details-flex.html.twig x field--node--uid.html.twig * field--node--template-g-details-flex.html.twig * field--rss--uid.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> <span lang="" typeof="schema:Person" property="schema:name" datatype="">Anonymous (not verified)</span> <!-- END OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--created--rss.html.twig * field--node--rss--created--template-g-details-flex.html.twig * field--node--rss--created.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--created--template-g-details-flex.html.twig x field--node--created.html.twig * field--node--template-g-details-flex.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Mon, 05/17/2021 - 11:11</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: x links--node.html.twig x links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-template-g-content-blocks--rss.html.twig * field--node--rss--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--rss--field-template-g-content-blocks.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-template-g-content-blocks.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-template-g-content-blocks.html.twig * field--entity-reference-revisions.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-template-g-content-blocks field--type-entity-reference-revisions field--label-above"> <div class="field__label">Template G Content Blocks</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-editor--default.html.twig * paragraph--sub-cb30-editor.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-editor paragraph--view-mode--default"> <div class="cb-text"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sub-editor--default.html.twig * field--paragraph--default--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--default--field-sub-editor.html.twig * field--paragraph--default--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor.html.twig * field--paragraph--sub-cb30-editor.html.twig * field--default--field-sub-editor.html.twig * field--default--sub-cb30-editor.html.twig * field--default.html.twig * field--field-sub-editor.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-sub-editor field--type-text-long field--label-above"> <div class="field__label">Sub Editor</div> <div class="field__item"><p>It is often argued that people might take on too much high-cost debt because they are present focused and/or overoptimistic about how soon they will repay. We measure borrowers' present focus and overoptimism using an experiment with a large payday lender. Although the most inexperienced quartile of borrowers underestimate their likelihood of future borrowing, the more experienced three quartiles predict correctly on average. This finding contrasts sharply with priors we elicited from 103 payday lending and behavioral economics experts, who believed that the average borrower would be highly overoptimistic about getting out of debt. Borrowers are willing to pay a significant premium for an experimental incentive to avoid future borrowing, which we show implies that they perceive themselves to be time inconsistent. We use borrowers' predicted behavior and valuation of the experimental incentive to estimate a model of present focus and naivete. We then use the model to study common payday lending regulations. In our model, banning payday loans reduces welfare relative to existing regulation, while limits on repeat borrowing might increase welfare by inducing faster repayment that is more consistent with longrun preferences.</p> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> </div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-date--default.html.twig x paragraph--sub-cb30-date.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-date paragraph--view-mode--default"> <div class="cb-date"> May 17, 2021 </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-content-type--rss.html.twig * field--node--rss--field-details-content-type--template-g-details-flex.html.twig * field--node--rss--field-details-content-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-content-type--template-g-details-flex.html.twig * field--node--field-details-content-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-content-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-content-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-content-type field--type-entity-reference field--label-above"> <div class="field__label">Details Content Type</div> <div class="field__items"> <div class="field__item"><a href="/publications" hreflang="en">Publications</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-program-areas--rss.html.twig * field--node--rss--field-details-program-areas--template-g-details-flex.html.twig * field--node--rss--field-details-program-areas.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-program-areas--template-g-details-flex.html.twig * field--node--field-details-program-areas.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-program-areas.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-program-areas.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-program-areas field--type-entity-reference field--label-above"> <div class="field__label">Details Program Areas</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/166" hreflang="en">Financial Inclusion</a></div> <div class="field__item"><a href="/taxonomy/term/5466" hreflang="en">US Finance</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-countries--rss.html.twig * field--node--rss--field-details-countries--template-g-details-flex.html.twig * field--node--rss--field-details-countries.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-countries--template-g-details-flex.html.twig * field--node--field-details-countries.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-countries.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-countries.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-countries field--type-entity-reference field--label-above"> <div class="field__label">Details Countries</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/112" hreflang="en">United States</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-publication-type--rss.html.twig * field--node--rss--field-details-publication-type--template-g-details-flex.html.twig * field--node--rss--field-details-publication-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-publication-type--template-g-details-flex.html.twig * field--node--field-details-publication-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-publication-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-publication-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-publication-type field--type-entity-reference field--label-above"> <div class="field__label">Details Publication Type</div> <div class="field__item"><a href="/taxonomy/term/11" hreflang="en">Working Paper</a></div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-author--rss.html.twig * field--node--rss--field-details-author--template-g-details-flex.html.twig * field--node--rss--field-details-author.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-author--template-g-details-flex.html.twig * field--node--field-details-author.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-author.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig x field--field-details-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-author.html.twig' --> <div class="field field--name-field-details-author field--type-entity-reference field--label-above"> <div class="field-items-wrapper"> <div class="ind"> <a href="/people/hunt-allcott"> <div class="img" style="background-image: url('/sites/default/files/headshots/huntallcott.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Hunt Allcott </div> <div class="title"> Microsoft Research </div> </div> </a> </div> <div class="ind"> <a href="/people/joshua-kim"> <div class="img" style="background-image: url('/sites/default/files/headshots/4435-joshua-kimheadshot.jpeg')"> </div> <div class="meta"> <div class="name notranslate"> Joshua Kim </div> <div class="title"> Stanford University </div> </div> </a> </div> <div class="ind"> <a href="/people/dmitry-taubinsky"> <div class="img" style="background-image: url('/sites/default/files/headshots/dmitrytaubinsky.jpeg')"> </div> <div class="meta"> <div class="name notranslate"> Dmitry Taubinsky </div> <div class="title"> University of California, Berkeley </div> </div> </a> </div> <div class="ind"> <a href="/people/jonathan-zinman"> <div class="img" style="background-image: url('/sites/default/files/2023-08/Jonathan-Zinman.png')"> </div> <div class="meta"> <div class="name notranslate"> Jonathan Zinman </div> <div class="title"> Dartmouth College </div> </div> </a> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-file--rss.html.twig * field--node--rss--field-file--template-g-details-flex.html.twig * field--node--rss--field-file.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-file--template-g-details-flex.html.twig * field--node--field-file.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-file.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-file.html.twig * field--file.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-file field--type-file field--label-above"> <div class="field__label">File</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'pdfpreview_formatter' --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/pdfpreview-formatter.html.twig' --> <div class="pdfpreview" id="pdfpreview-744886"> <div class="pdfpreview-image-wrapper"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/image-formatter.html.twig' --> <a href="/sites/default/files/publications/Payday_0.pdf"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/image.html.twig' --> <img class="pdfpreview-file image-style-large" src="/sites/default/files/styles/large/public/pdfpreview/744886-Payday_0.png?itok=e-M6vEZH" width="371" height="480" loading="lazy" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/themes/classy/templates/field/image.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/field/image-style.html.twig' --> </a> <!-- END OUTPUT from 'core/themes/classy/templates/field/image-formatter.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/pdfpreview-formatter.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-post-teaser-text--rss.html.twig * field--node--rss--field-post-teaser-text--template-g-details-flex.html.twig * field--node--rss--field-post-teaser-text.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-post-teaser-text--template-g-details-flex.html.twig * field--node--field-post-teaser-text.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-post-teaser-text.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-post-teaser-text.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-post-teaser-text field--type-text-long field--label-above"> <div class="field__label">Post Teaser Text</div> <div class="field__item">It is often argued that people might take on too much high-cost debt because they are present focused and/or overoptimistic about how soon they will repay.We measure borrowers' present focus and overoptimism using an experiment with a large payday lender.Although the most inexperienced quartile of borrowers underestimate their likelihood of future borrowing, the more experienced three quartiles predict correctly on average.This finding contrasts sharply with priors we elicited from 103 payday lending and behavioral economics experts, who believed that the average borrower would be highly overoptimistic about getting out of debt.</div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> Mon, 17 May 2021 15:11:24 +0000 Anonymous 46461 at https://poverty-action.org Webinar: When and How Rigorous Research Can Be Successfully Incorporated into Financial Product Delivery https://poverty-action.org/webinar-when-and-how-rigorous-research-can-be-successfully-incorporated-financial-product-delivery <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--title--rss.html.twig * field--node--rss--title--template-g-details-flex.html.twig * field--node--rss--title.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--title--template-g-details-flex.html.twig x field--node--title.html.twig * field--node--template-g-details-flex.html.twig * field--rss--title.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Webinar: When and How Rigorous Research Can Be Successfully Incorporated into Financial Product Delivery</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--uid--rss.html.twig * field--node--rss--uid--template-g-details-flex.html.twig * field--node--rss--uid.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--uid--template-g-details-flex.html.twig x field--node--uid.html.twig * field--node--template-g-details-flex.html.twig * field--rss--uid.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> <span lang="" typeof="schema:Person" property="schema:name" datatype="">Anonymous (not verified)</span> <!-- END OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--created--rss.html.twig * field--node--rss--created--template-g-details-flex.html.twig * field--node--rss--created.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--created--template-g-details-flex.html.twig x field--node--created.html.twig * field--node--template-g-details-flex.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Thu, 03/12/2020 - 11:11</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: x links--node.html.twig x links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-template-g-content-blocks--rss.html.twig * field--node--rss--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--rss--field-template-g-content-blocks.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-template-g-content-blocks.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-template-g-content-blocks.html.twig * field--entity-reference-revisions.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-template-g-content-blocks field--type-entity-reference-revisions field--label-above"> <div class="field__label">Template G Content Blocks</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-editor--default.html.twig * paragraph--sub-cb30-editor.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-editor paragraph--view-mode--default"> <div class="cb-text"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sub-editor--default.html.twig * field--paragraph--default--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--default--field-sub-editor.html.twig * field--paragraph--default--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor.html.twig * field--paragraph--sub-cb30-editor.html.twig * field--default--field-sub-editor.html.twig * field--default--sub-cb30-editor.html.twig * field--default.html.twig * field--field-sub-editor.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-sub-editor field--type-text-long field--label-above"> <div class="field__label">Sub Editor</div> <div class="field__item"><p>Conducting rigorous research on financial products can deliver key, actionable insights to financial institutions, but knowing how and when to work with academic researchers to develop a long-term research project can be complicated.</p> <p>In this webinar, researcher <a href="/people/jeremy-burke">Jeremy Burke</a> (University of Southern California), <a href="https://www.cesisolutions.org/about-us/management-team/">Jean Elias</a> &amp; <a href="https://www.cesisolutions.org/about-us/management-team/">Christel McDuffie</a> (Consumer Education Services Inc.), and <a href="/people/kate-glynn-broderick">Kate Glynn-Broderick</a> (Innovations for Poverty Action) shared their experience partnering on a randomized evaluation of adding encouragement messaging and debt reframing to a Debt Management Plan. The webinar provided participants with an inside look at the challenges and benefits of this research partnership and shared some of the early results that have come out of the project. Participants learned how the efforts of rigorous research can pay off in improvements in product design and customer success.</p> <h4><strong>About the Presenters:</strong></h4> <p><strong>Jeremy Burke</strong>, <em>Senior Economist | University of Southern California, Center for Economic and Social Research</em><br /> Jeremy Burke is an economist and Research Scientist at the University of Southern California's Center for Economic and Social Research. Dr. Burke has led multiple field experiments leveraging behavioral principles to help consumers build savings (with soft-commitment mechanisms), reduce debt (with lottery linked incentives), and build credit (with behavioral nudges).</p> <p><strong>Jean Elias</strong>, <em>Vice President of Marketing | Consumer Education Services Inc.</em><br /> Jean Elias joined CESI in 2015 as Vice President of Marketing bringing with her over a decade of experience in the financial services industry, including the debt relief and structured settlement verticals. Passionate about customer experience and financial education, Jean has spent over a decade connecting highly leveraged consumers to products and services aimed at improving their financial outlooks and achieving their goals.</p> <p><strong>Christel McDuffie, </strong><em>Director of Creditor Services and Compliance | Consumer Education Services Inc.</em><br /> Christel McDuffie is responsible for ensuring CESI adheres to all state and federal regulations concerning debt management as well as creditor guidelines. Her other responsibilities include managing all functions of the Creditor Services and Resolutions departments. Christel began her career at CESI Solutions in 2002 as a credit counselor. Since then, she has also served as Assistant Education Director, State Licensing Coordinator and is currently the Director of Creditor Services and Compliance.</p> <p><strong>Kate Glynn-Broderick</strong>, <em>Associate Director | Innovations for Poverty Action, Financial Inclusion Program</em><br /> Kate Glynn-Broderick oversees a portfolio of randomized evaluations around women’s economic empowerment to find effective solutions to help the poor manage and grow their money successfully. Prior to joining IPA, Kate was a Research Manager at Women’s World Banking, where she conducted qualitative and quantitative research on financial inclusion, with a focus on women’s empowerment and livelihood outcomes. She previously served as the Deputy Director of Field Research, Data &amp; Analytics at the New York City Department of Consumer Affairs’ Office of Financial Empowerment.<em> </em></p> <h2>City</h2> <p>Webinar</p> <h2>Country</h2> <p>United States</p> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-content-type--rss.html.twig * field--node--rss--field-details-content-type--template-g-details-flex.html.twig * field--node--rss--field-details-content-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-content-type--template-g-details-flex.html.twig * field--node--field-details-content-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-content-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-content-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-content-type field--type-entity-reference field--label-above"> <div class="field__label">Details Content Type</div> <div class="field__items"> <div class="field__item"><a href="/events" hreflang="en">Events</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-program-areas--rss.html.twig * field--node--rss--field-details-program-areas--template-g-details-flex.html.twig * field--node--rss--field-details-program-areas.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-program-areas--template-g-details-flex.html.twig * field--node--field-details-program-areas.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-program-areas.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-program-areas.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-program-areas field--type-entity-reference field--label-above"> <div class="field__label">Details Program Areas</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/166" hreflang="en">Financial Inclusion</a></div> <div class="field__item"><a href="/taxonomy/term/5466" hreflang="en">US Finance</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-topics--rss.html.twig * field--node--rss--field-details-topics--template-g-details-flex.html.twig * field--node--rss--field-details-topics.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-topics--template-g-details-flex.html.twig * field--node--field-details-topics.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-topics.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-topics.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-topics field--type-entity-reference field--label-above"> <div class="field__label">Details Topics</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/1816" hreflang="en">Behavioral Design</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-countries--rss.html.twig * field--node--rss--field-details-countries--template-g-details-flex.html.twig * field--node--rss--field-details-countries.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-countries--template-g-details-flex.html.twig * field--node--field-details-countries.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-countries.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-countries.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-countries field--type-entity-reference field--label-above"> <div class="field__label">Details Countries</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/112" hreflang="en">United States</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-staff--rss.html.twig * field--node--rss--field-staff--template-g-details-flex.html.twig * field--node--rss--field-staff.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-staff--template-g-details-flex.html.twig * field--node--field-staff.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-staff.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig x field--field-staff.html.twig * field--entity-reference-revisions.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field--field-staff.html.twig' --> <div class="field field--name-field-staff field--type-entity-reference-revisions field--label-above"> <div class="field-items-wrapper"> <div class="ind"> <a href="/people/kate-glynn-broderick"> <div class="img" style="background-image: url('/sites/default/files/headshots/Kathryn-Glynn-Broderick_updated.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Kate Glynn-Broderick </div> <div class="title"> Associate Director, Financial Inclusion Program </div> </div> </a> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field--field-staff.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-timeline--rss.html.twig * field--node--rss--field-timeline--template-g-details-flex.html.twig * field--node--rss--field-timeline.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-timeline--template-g-details-flex.html.twig * field--node--field-timeline.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-timeline.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-timeline.html.twig * field--string-long.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-timeline field--type-string-long field--label-above"> <div class="field__label">Timeline</div> <div class="field__item">10:00 AM - 11:00 AM</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-event-start-date--rss.html.twig * field--node--rss--field-event-start-date--template-g-details-flex.html.twig * field--node--rss--field-event-start-date.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-event-start-date--template-g-details-flex.html.twig * field--node--field-event-start-date.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-event-start-date.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-event-start-date.html.twig * field--datetime.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-event-start-date field--type-datetime field--label-above"> <div class="field__label">Event Start Date</div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'time' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/time.html.twig' --> <time datetime="2020-03-27T12:00:00Z" class="datetime">Fri, 03/27/2020 - 12:00</time> <!-- END OUTPUT from 'core/themes/classy/templates/field/time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-event-end-date--rss.html.twig * field--node--rss--field-event-end-date--template-g-details-flex.html.twig * field--node--rss--field-event-end-date.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-event-end-date--template-g-details-flex.html.twig * field--node--field-event-end-date.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-event-end-date.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-event-end-date.html.twig * field--datetime.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-event-end-date field--type-datetime field--label-above"> <div class="field__label">Event End Date</div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'time' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/time.html.twig' --> <time datetime="2020-03-27T12:00:00Z" class="datetime">Fri, 03/27/2020 - 12:00</time> <!-- END OUTPUT from 'core/themes/classy/templates/field/time.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-post-teaser-text--rss.html.twig * field--node--rss--field-post-teaser-text--template-g-details-flex.html.twig * field--node--rss--field-post-teaser-text.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-post-teaser-text--template-g-details-flex.html.twig * field--node--field-post-teaser-text.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-post-teaser-text.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-post-teaser-text.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-post-teaser-text field--type-text-long field--label-above"> <div class="field__label">Post Teaser Text</div> <div class="field__item"><p>Conducting rigorous research on financial products can deliver key, actionable insights to financial institutions, but knowing how and when to work with academic researchers to develop a long-term research project can be complicated.In this webinar, researcher Jeremy Burke (University of Southern California), Jean Elias &amp; Christel McDuffie (Consumer Education Services Inc.), and Kate Glynn-Broderick (Innovations for Poverty Action) shared their experience partnering on a randomized evaluation of adding encouragement messaging and debt reframing to a Debt Management Plan.</p> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> Thu, 12 Mar 2020 15:11:55 +0000 Anonymous 40246 at https://poverty-action.org Understanding Borrowers' Decisions: Payday Loans in the United States https://poverty-action.org/study/understanding-borrowers-decisions-payday-loans-united-states <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--title--rss.html.twig * field--node--rss--title--template-g-details-flex.html.twig * field--node--rss--title.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--title--template-g-details-flex.html.twig x field--node--title.html.twig * field--node--template-g-details-flex.html.twig * field--rss--title.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Understanding Borrowers&#039; Decisions: Payday Loans in the United States</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--uid--rss.html.twig * field--node--rss--uid--template-g-details-flex.html.twig * field--node--rss--uid.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--uid--template-g-details-flex.html.twig x field--node--uid.html.twig * field--node--template-g-details-flex.html.twig * field--rss--uid.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> <span lang="" typeof="schema:Person" property="schema:name" datatype="">Anonymous (not verified)</span> <!-- END OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--created--rss.html.twig * field--node--rss--created--template-g-details-flex.html.twig * field--node--rss--created.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--created--template-g-details-flex.html.twig x field--node--created.html.twig * field--node--template-g-details-flex.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Fri, 11/15/2019 - 15:19</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: x links--node.html.twig x links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-template-g-content-blocks--rss.html.twig * field--node--rss--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--rss--field-template-g-content-blocks.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-template-g-content-blocks.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-template-g-content-blocks.html.twig * field--entity-reference-revisions.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-template-g-content-blocks field--type-entity-reference-revisions field--label-above"> <div class="field__label">Template G Content Blocks</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-editor--default.html.twig * paragraph--sub-cb30-editor.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-editor paragraph--view-mode--default"> <div class="cb-text"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sub-editor--default.html.twig * field--paragraph--default--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--default--field-sub-editor.html.twig * field--paragraph--default--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor.html.twig * field--paragraph--sub-cb30-editor.html.twig * field--default--field-sub-editor.html.twig * field--default--sub-cb30-editor.html.twig * field--default.html.twig * field--field-sub-editor.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-sub-editor field--type-text-long field--label-above"> <div class="field__label">Sub Editor</div> <div class="field__item"><h2>Abstract</h2> <p>Payday loans—small short-term loans with high interest rates that become due at the time of the borrower’s next paycheck—are a common form of lending to people with low income in the United States. Do borrowers taking out these loans make rational decisions, or do they borrow more than they expect or would like to in the long run? Researchers partnered with a large payday lender in Indiana to conduct an evaluation to better understand consumers’ decision-making. The results suggest that average borrowers can anticipate their probability of taking loans in the future. However, people focus too much on the present when making decisions about payday loans, a behavior that they would like to change.</p> <h2>Policy Issue</h2> <p>Payday loans—short-term loans with high interest due at the time of the borrower’s next paycheck—are a common form of lending to people with low incomes in the United States. These loans are usually for USD$500 or less and often have an annual interest rate of around 400 percent, more than ten times higher than the norm for US lending.<a href="#_ftn1" name="_ftnref1" title="" id="_ftnref1"><sup><sup>[1]</sup></sup></a> While most financial loans require a certain credit score and/or collateral, payday loans tend not to; generally, borrowers need only present a bank account and proof of income. Proponents of payday lending argue that these loans provide credit to people who otherwise would not be able to access it in a time of need. Critics argue that the loans prey on people who are economically vulnerable, forcing them into expensive debt traps as they take on new loans to pay off older ones.</p> <p>A question relevant to this debate is whether consumers are acting in their own best interest when they take out payday loans. If borrowers have self-control problems, are over-optimistic about their future financial situation, or for some other reasons do not anticipate their high likelihood of repeat borrowing, they could underestimate the costs of repaying a loan. However, if borrowers have a good understanding of their self-control, future financial situation, and other aspects, payday loans may actually improve welfare despite their expensive nature.</p> <h2>Context of the Evaluation</h2> <p>Payday loans are available in 32 US states and banned in 18. In 2016, Americans took out $35 billion in these loans and paid $6 billion in interest and fees.<a href="#_ftn1" name="_ftnref1" title="" id="_ftnref1"><sup><sup>[1]</sup></sup></a> Nationally, over 80 percent of payday loans are either renewed or rolled over with another payday loan within the next eight weeks.<a href="#_ftn2" name="_ftnref2" title="" id="_ftnref2"><sup><sup>[2]</sup></sup></a></p> <p>This evaluation is taking place in the state of Indiana, where the regulatory environment, for payday loans is typical of other US states. Indiana disbursed 1.2 million payday loans for a total of $430 million in 2017. State law caps loan sizes at $605 and caps the marginal interest and fees at 15 percent of the loan amount for loans up to $250, 13 percent on the incremental amount borrowed from $251-$400, and 10 percent on the incremental amount borrowed above $400. The major payday lenders in Indiana charge those maximum allowed amounts on all loans, including the large national payday lender with whom researchers partnered for this study.</p> <p>To take out a payday loan, borrowers must present identification, proof of income, and a post-dated check for the amount of the loan plus interest. Payday lenders do minimal underwriting, sometimes checking data from a subprime credit bureau. When the loan comes due, borrowers can repay (either in person or by allowing the lender to successfully cash the check) or default. After borrowers repay the principal and interest owed on a loan, they can immediately get another loan. In some states, loans can be "rolled over" without paying the full amount due, but Indiana law does not allow this.</p> <p>In 2017, the Consumer Financial Protection Bureau announced new regulations for payday lenders. The rules would require lenders to ensure that customers seeking a loan had the ability to repay it before being offered one and prevent lenders from making more than two unsuccessful attempts to debit a borrower’s bank account. However, as of late 2019, the bureau canceled the rule.</p> <h2>Details of the Intervention</h2> <p>Researchers partnered with a large payday lender in Indiana to better understand consumers’ decision-making about payday loans. The research team implemented a survey evaluation to measure payday borrowers’ self-control for making rational long-term financial decisions and their self-awareness about their own self-control. Researchers then used these responses to consider the implications of three commonly proposed payday lending regulations on consumer welfare. The survey ran at 41 of the lender’s stores in Indiana from January-March 2019 and had over 1,200 respondents included in data analysis.</p> <p>Immediately before or after taking out a payday loan, borrowers participating in the study took a survey questionnaire offering choices between three rewards they would potentially receive twelve weeks later:</p> <ul><li><strong>Incentive for being debt-free</strong>: individuals would receive a US$ 100 cash payment if they did not take out any more loans for eight weeks</li> <li><strong>Money for Sure: </strong>individuals would receive a “Money For Sure” reward, a cash payment regardless of their future behavior. Borrowers were asked to repeatedly choose between the US$ 100 debt-free incentive option and different amounts of “Money For Sure” (from what researchers call a “multiple price list”), taking into account their estimated probability of taking out another loan in the next eight weeks. </li> <li><strong>Flip a Coin:</strong> This group was offered a 50 percent chance of winning $100 or nothing. Similar to the Money for Sure option, respondents went through a series of adaptive questions beginning with a tradeoff between flipping a coin to receive US$ 100 and receiving US$ 0 for sure. This helped researchers measure individuals’ risk aversion.</li> </ul><p>After the survey was complete, the iPad informed participants of whether they had been selected for one of types of rewards or received nothing (the comparison group). The probabilities of receiving the debt-free incentive, one randomly chosen value of their Money for Sure responses, or nothing were 44 percent, 2 percent, and 54 percent, respectively. Participants also received a reminder of the reward via email four weeks after the survey.</p> <p>Researchers combined the survey data with administrative data from the lender covering individuals’ income, an internal credit score on a scale from 0-1000, pay cycle length, loan length, and loan amount. They also leveraged a state-wide database of borrowing from all payday lenders and nationwide subprime credit bureau data.</p> <h2>Results and Policy Lessons</h2> <p>The evaluation revealed that the average borrower almost fully anticipates repeat borrowing. Among the people who did not receive any rewards (the comparison group), 70 percent said they would borrow again. When comparing with administrative data, 74 percent of the people did borrow, confirming that on average people can anticipate their likelihood of repeat borrowing.</p> <p>However, researchers found this is not true among the most inexperienced borrowers, those who had taken out three or fewer loans from the lender in the six months prior to the intervention. On average, these borrowers underestimate their future borrowing probability by 20 percentage points.</p> <p>People who received the incentive were less likely to predict correctly their probability of taking out a payday loan in the future. The average borrower predicted that the US$100 debt-free incentive would reduce the probability of taking out another loan within the next eight weeks to 50 percent. In reality, however, those offered the debt-free incentive took out another loan 70 percent of the time. This suggests that experience under normal conditions can help borrowers predict their behavior under normal conditions, but it does not help them predict their behavior under unfamiliar conditions.</p> <p>On average, borrowers value the no-borrowing incentive 30 percent more than they would if had perfect self-control or if they are risk-neutral, suggesting people are present-focused and aware of this bias. Qualitative data also suggests that people focus too much on the present when taking payday loans. Fifty-four percent of the respondents said they "would very much" want to give themselves extra motivation to avoid payday loans in the future, and only 10 percent said they didn't want extra motivation.</p> <p>Researchers use these results to model the potential welfare implications of three commonly proposed payday loan reforms: a payday lending ban, a rollover restriction that disallows borrowing for 30 days after three consecutive loans, and a loan size cap. The results suggest that loan bans and tighter loan size caps could both reduce welfare. However, rollover restrictions appear to benefit borrowers. This encourages faster repayment, consistent with study participants' desires to motivate themselves to avoid reborrowing.</p> <h2>Sources</h2> <p><sup><a href="#_ftnref1" name="_ftn1" title="" id="_ftn1">1</a></sup> Consumer Financial Protection Bureau (CFPB), 2017. “What is a payday loan?” <a href="https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/">https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/</a>.</p> <div id="ftn1"> <p><sup><a href="#_ftnref1" name="_ftn1" title="" id="_ftn1">2</a></sup> Wilson, Eric and Eva Wolkowitz. 2017. “2017 Financially Underserved Market Size Study.” Center for Financial Services Innovation.</p> </div> <div id="ftn2"> <p><sup><a href="#_ftnref2" name="_ftn2" title="" id="_ftn2">3</a></sup> Consumer Financial Protection Bureau, 2016. “Payday Loans, Auto Title Loans, and High-Cost Installment Loans: Highlights from CFPB Research.” Consumer Financial Protection Bureau.</p> </div> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> </div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-date--default.html.twig x paragraph--sub-cb30-date.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-date paragraph--view-mode--default"> <div class="cb-date"> May 17, 2021 </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-content-type--rss.html.twig * field--node--rss--field-details-content-type--template-g-details-flex.html.twig * field--node--rss--field-details-content-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-content-type--template-g-details-flex.html.twig * field--node--field-details-content-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-content-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-content-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-content-type field--type-entity-reference field--label-above"> <div class="field__label">Details Content Type</div> <div class="field__items"> <div class="field__item"><a href="/case-studies" hreflang="en">Case Study</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-program-areas--rss.html.twig * field--node--rss--field-details-program-areas--template-g-details-flex.html.twig * field--node--rss--field-details-program-areas.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-program-areas--template-g-details-flex.html.twig * field--node--field-details-program-areas.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-program-areas.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-program-areas.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-program-areas field--type-entity-reference field--label-above"> <div class="field__label">Details Program Areas</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/166" hreflang="en">Financial Inclusion</a></div> <div class="field__item"><a href="/taxonomy/term/5466" hreflang="en">US Finance</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-topics--rss.html.twig * field--node--rss--field-details-topics--template-g-details-flex.html.twig * field--node--rss--field-details-topics.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-topics--template-g-details-flex.html.twig * field--node--field-details-topics.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-topics.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-topics.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-topics field--type-entity-reference field--label-above"> <div class="field__label">Details Topics</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/6416" hreflang="en">Consumer Protection</a></div> <div class="field__item"><a href="/taxonomy/term/1886" hreflang="en">Financial Capability</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-countries--rss.html.twig * field--node--rss--field-details-countries--template-g-details-flex.html.twig * field--node--rss--field-details-countries.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-countries--template-g-details-flex.html.twig * field--node--field-details-countries.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-countries.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-countries.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-countries field--type-entity-reference field--label-above"> <div class="field__label">Details Countries</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/112" hreflang="en">United States</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-researchers--rss.html.twig * field--node--rss--field-details-researchers--template-g-details-flex.html.twig * field--node--rss--field-details-researchers.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-researchers--template-g-details-flex.html.twig * field--node--field-details-researchers.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-researchers.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig x field--field-details-researchers.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-researchers.html.twig' --> <div class="field field--name-field-details-researchers field--type-entity-reference field--label-above"> <div class="field-items-wrapper"> <div class="ind"> <a href="/people/hunt-allcott"> <div class="img" style="background-image: url('/sites/default/files/headshots/huntallcott.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Hunt Allcott </div> <div class="title"> Microsoft Research </div> </div> </a> </div> <div class="ind"> <a href="/people/joshua-kim"> <div class="img" style="background-image: url('/sites/default/files/headshots/4435-joshua-kimheadshot.jpeg')"> </div> <div class="meta"> <div class="name notranslate"> Joshua Kim </div> <div class="title"> Stanford University </div> </div> </a> </div> <div class="ind"> <a href="/people/dmitry-taubinsky"> <div class="img" style="background-image: url('/sites/default/files/headshots/dmitrytaubinsky.jpeg')"> </div> <div class="meta"> <div class="name notranslate"> Dmitry Taubinsky </div> <div class="title"> University of California, Berkeley </div> </div> </a> </div> <div class="ind"> <a href="/people/jonathan-zinman"> <div class="img" style="background-image: url('/sites/default/files/2023-08/Jonathan-Zinman.png')"> </div> <div class="meta"> <div class="name notranslate"> Jonathan Zinman </div> <div class="title"> Dartmouth College </div> </div> </a> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-researchers.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sample-size--rss.html.twig * field--node--rss--field-sample-size--template-g-details-flex.html.twig * field--node--rss--field-sample-size.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-sample-size--template-g-details-flex.html.twig * field--node--field-sample-size.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-sample-size.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-sample-size.html.twig * field--string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-sample-size field--type-string field--label-above"> <div class="field__label">Sample Size</div> <div class="field__item">1,205 borrowers in 41 payday lending centers in Indiana</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-implemented-by-ipa--rss.html.twig * field--node--rss--field-implemented-by-ipa--template-g-details-flex.html.twig * field--node--rss--field-implemented-by-ipa.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-implemented-by-ipa--template-g-details-flex.html.twig * field--node--field-implemented-by-ipa.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-implemented-by-ipa.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-implemented-by-ipa.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-implemented-by-ipa field--type-list-string field--label-above"> <div class="field__label">Implemented by IPA</div> <div class="field__item">Yes</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-post-teaser-text--rss.html.twig * field--node--rss--field-post-teaser-text--template-g-details-flex.html.twig * field--node--rss--field-post-teaser-text.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-post-teaser-text--template-g-details-flex.html.twig * field--node--field-post-teaser-text.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-post-teaser-text.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-post-teaser-text.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-post-teaser-text field--type-text-long field--label-above"> <div class="field__label">Post Teaser Text</div> <div class="field__item"><p>Payday loans—small short-term loans with high interest rates that become due at the time of the borrower’s next paycheck—are a common form of lending to people with low income in the United States.Do borrowers taking out these loans make rational decisions, or do they borrow more than they expect or would like to in the long run? Researchers partnered with a large payday lender in Indiana to conduct an evaluation to better understand consumers’ decision-making.The results suggest that average borrowers can anticipate their probability of taking loans in the future.</p></div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> Fri, 15 Nov 2019 20:19:17 +0000 Anonymous 38871 at https://poverty-action.org Do Prize-Linked Incentives Promote Positive Financial Behavior? Evidence from a Debt Reduction Intervention https://poverty-action.org/publication/do-prize-linked-incentives-promote-positive-financial-behavior-evidence-debt-reduction <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--title--rss.html.twig * field--node--rss--title--template-g-details-flex.html.twig * field--node--rss--title.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--title--template-g-details-flex.html.twig x field--node--title.html.twig * field--node--template-g-details-flex.html.twig * field--rss--title.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Do Prize-Linked Incentives Promote Positive Financial Behavior? Evidence from a Debt Reduction Intervention</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--uid--rss.html.twig * field--node--rss--uid--template-g-details-flex.html.twig * field--node--rss--uid.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--uid--template-g-details-flex.html.twig x field--node--uid.html.twig * field--node--template-g-details-flex.html.twig * field--rss--uid.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> <span lang="" typeof="schema:Person" property="schema:name" datatype="">Anonymous (not verified)</span> <!-- END OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--created--rss.html.twig * field--node--rss--created--template-g-details-flex.html.twig * field--node--rss--created.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--created--template-g-details-flex.html.twig x field--node--created.html.twig * field--node--template-g-details-flex.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Fri, 10/25/2019 - 09:33</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: x links--node.html.twig x links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-template-g-content-blocks--rss.html.twig * field--node--rss--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--rss--field-template-g-content-blocks.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-template-g-content-blocks.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-template-g-content-blocks.html.twig * field--entity-reference-revisions.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-template-g-content-blocks field--type-entity-reference-revisions field--label-above"> <div class="field__label">Template G Content Blocks</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-editor--default.html.twig * paragraph--sub-cb30-editor.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-editor paragraph--view-mode--default"> <div class="cb-text"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sub-editor--default.html.twig * field--paragraph--default--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--default--field-sub-editor.html.twig * field--paragraph--default--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor.html.twig * field--paragraph--sub-cb30-editor.html.twig * field--default--field-sub-editor.html.twig * field--default--sub-cb30-editor.html.twig * field--default.html.twig * field--field-sub-editor.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-sub-editor field--type-text-long field--label-above"> <div class="field__label">Sub Editor</div> <div class="field__item"><p>Prize-linked programs are becoming increasingly popular, yet little evidence exists regarding their efficacy. I conduct the first field experiment examining whether prize-linked incentives can be effective in promoting debt reduction by randomizing access among 6,907 borrowers in a debt management plan. I find strong take-up of the program and that takers were timelier with repayment and paid off more debt. However, intent-to-treat estimates are precise zeros. These results suggest that despite strong interest and positive correlations, prize-linked incentives may not modify behavior and may simply attract individuals who are ex-ante likely to engage in the target behavior.</p> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> </div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-date--default.html.twig x paragraph--sub-cb30-date.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-date paragraph--view-mode--default"> <div class="cb-date"> April 22, 2019 </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-content-type--rss.html.twig * field--node--rss--field-details-content-type--template-g-details-flex.html.twig * field--node--rss--field-details-content-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-content-type--template-g-details-flex.html.twig * field--node--field-details-content-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-content-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-content-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-content-type field--type-entity-reference field--label-above"> <div class="field__label">Details Content Type</div> <div class="field__items"> <div class="field__item"><a href="/publications" hreflang="en">Publications</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-program-areas--rss.html.twig * field--node--rss--field-details-program-areas--template-g-details-flex.html.twig * field--node--rss--field-details-program-areas.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-program-areas--template-g-details-flex.html.twig * field--node--field-details-program-areas.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-program-areas.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-program-areas.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-program-areas field--type-entity-reference field--label-above"> <div class="field__label">Details Program Areas</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/5466" hreflang="en">US Finance</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-topics--rss.html.twig * field--node--rss--field-details-topics--template-g-details-flex.html.twig * field--node--rss--field-details-topics.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-topics--template-g-details-flex.html.twig * field--node--field-details-topics.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-topics.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-topics.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-topics field--type-entity-reference field--label-above"> <div class="field__label">Details Topics</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/1816" hreflang="en">Behavioral Design</a></div> <div class="field__item"><a href="/taxonomy/term/1886" hreflang="en">Financial Capability</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-countries--rss.html.twig * field--node--rss--field-details-countries--template-g-details-flex.html.twig * field--node--rss--field-details-countries.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-countries--template-g-details-flex.html.twig * field--node--field-details-countries.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-countries.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-countries.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-countries field--type-entity-reference field--label-above"> <div class="field__label">Details Countries</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/112" hreflang="en">United States</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-publication-type--rss.html.twig * field--node--rss--field-details-publication-type--template-g-details-flex.html.twig * field--node--rss--field-details-publication-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-publication-type--template-g-details-flex.html.twig * field--node--field-details-publication-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-publication-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-publication-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-publication-type field--type-entity-reference field--label-above"> <div class="field__label">Details Publication Type</div> <div class="field__item"><a href="/taxonomy/term/6" hreflang="en">Published Paper</a></div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-author--rss.html.twig * field--node--rss--field-details-author--template-g-details-flex.html.twig * field--node--rss--field-details-author.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-author--template-g-details-flex.html.twig * field--node--field-details-author.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-author.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig x field--field-details-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-author.html.twig' --> <div class="field field--name-field-details-author field--type-entity-reference field--label-above"> <div class="field-items-wrapper"> <div class="ind"> <a href="/people/jeremy-burke"> <div class="img" style="background-image: url('/sites/default/files/headshots/JEREMY-BURKE.jpg_updated.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Jeremy Burke </div> <div class="title"> University of Southern California </div> </div> </a> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-journal--rss.html.twig * field--node--rss--field-journal--template-g-details-flex.html.twig * field--node--rss--field-journal.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-journal--template-g-details-flex.html.twig * field--node--field-journal.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-journal.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-journal.html.twig x field--text.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text.html.twig' --> <div class="clearfix text-formatted field field--name-field-journal field--type-text field--label-above"> <div class="field__label">Journal</div> <div class="field__item"><p>Social Science Research Network</p> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-file--rss.html.twig * field--node--rss--field-file--template-g-details-flex.html.twig * field--node--rss--field-file.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-file--template-g-details-flex.html.twig * field--node--field-file.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-file.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-file.html.twig * field--file.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-file field--type-file field--label-above"> <div class="field__label">File</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'pdfpreview_formatter' --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/pdfpreview-formatter.html.twig' --> <div class="pdfpreview" id="pdfpreview-732876"> <div class="pdfpreview-image-wrapper"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/image-formatter.html.twig' --> <a href="/sites/default/files/publications/SSRN-id3376157%20%282%29.pdf"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/image.html.twig' --> <img class="pdfpreview-file image-style-large" src="/sites/default/files/styles/large/public/pdfpreview/732876-SSRN-id3376157%20%282%29.png?itok=wHDLrZ6m" width="371" height="480" loading="lazy" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/themes/classy/templates/field/image.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/field/image-style.html.twig' --> </a> <!-- END OUTPUT from 'core/themes/classy/templates/field/image-formatter.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/pdfpreview-formatter.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-post-teaser-text--rss.html.twig * field--node--rss--field-post-teaser-text--template-g-details-flex.html.twig * field--node--rss--field-post-teaser-text.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-post-teaser-text--template-g-details-flex.html.twig * field--node--field-post-teaser-text.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-post-teaser-text.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-post-teaser-text.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-post-teaser-text field--type-text-long field--label-above"> <div class="field__label">Post Teaser Text</div> <div class="field__item">Prize-linked programs are becoming increasingly popular, yet little evidence exists regarding their efficacy.I conduct the first field experiment examining whether prize-linked incentives can be effective in promoting debt reduction by randomizing access among 6,907 borrowers in a debt management plan.I find strong take-up of the program and that takers were timelier with repayment and paid off more debt.However, intent-to-treat estimates are precise zeros.</div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> Fri, 25 Oct 2019 13:33:34 +0000 Anonymous 38566 at https://poverty-action.org Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior, Credit Scores and Their Predictive Power https://poverty-action.org/publication/credit-building-or-credit-crumbling-credit-builder-loan%E2%80%99s-effects-consumer-behavior <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--title--rss.html.twig * field--node--rss--title--template-g-details-flex.html.twig * field--node--rss--title.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--title--template-g-details-flex.html.twig x field--node--title.html.twig * field--node--template-g-details-flex.html.twig * field--rss--title.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior, Credit Scores and Their Predictive Power</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--uid--rss.html.twig * field--node--rss--uid--template-g-details-flex.html.twig * field--node--rss--uid.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--uid--template-g-details-flex.html.twig x field--node--uid.html.twig * field--node--template-g-details-flex.html.twig * field--rss--uid.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> <span lang="" typeof="schema:Person" property="schema:name" datatype="">Anonymous (not verified)</span> <!-- END OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--created--rss.html.twig * field--node--rss--created--template-g-details-flex.html.twig * field--node--rss--created.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--created--template-g-details-flex.html.twig x field--node--created.html.twig * field--node--template-g-details-flex.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Wed, 10/09/2019 - 12:20</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: x links--node.html.twig x links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-template-g-content-blocks--rss.html.twig * field--node--rss--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--rss--field-template-g-content-blocks.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-template-g-content-blocks.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-template-g-content-blocks.html.twig * field--entity-reference-revisions.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-template-g-content-blocks field--type-entity-reference-revisions field--label-above"> <div class="field__label">Template G Content Blocks</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-editor--default.html.twig * paragraph--sub-cb30-editor.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-editor paragraph--view-mode--default"> <div class="cb-text"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sub-editor--default.html.twig * field--paragraph--default--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--default--field-sub-editor.html.twig * field--paragraph--default--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor.html.twig * field--paragraph--sub-cb30-editor.html.twig * field--default--field-sub-editor.html.twig * field--default--sub-cb30-editor.html.twig * field--default.html.twig * field--field-sub-editor.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-sub-editor field--type-text-long field--label-above"> <div class="field__label">Sub Editor</div> <div class="field__item"><p>There is little evidence on how the large market for credit score improvement products affects consumers or credit market efficiency. A randomized encouragement design on a standard credit builder loan (CBL) identifies null average effects on whether consumers have a credit score and the score itself, with important heterogeneity: those with loans outstanding at baseline fare worse, those without fare better. Selection, treatment effect, and prediction models indicate the CBL reveals valuable information to markets, inducing positive selection and making credit histories more precise, while keeping credit scores’ predictive power intact. With modest targeting changes, CBLs could work as intended.</p> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> </div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-date--default.html.twig x paragraph--sub-cb30-date.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-date paragraph--view-mode--default"> <div class="cb-date"> July 01, 2019 </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-content-type--rss.html.twig * field--node--rss--field-details-content-type--template-g-details-flex.html.twig * field--node--rss--field-details-content-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-content-type--template-g-details-flex.html.twig * field--node--field-details-content-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-content-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-content-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-content-type field--type-entity-reference field--label-above"> <div class="field__label">Details Content Type</div> <div class="field__items"> <div class="field__item"><a href="/publications" hreflang="en">Publications</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-program-areas--rss.html.twig * field--node--rss--field-details-program-areas--template-g-details-flex.html.twig * field--node--rss--field-details-program-areas.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-program-areas--template-g-details-flex.html.twig * field--node--field-details-program-areas.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-program-areas.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-program-areas.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-program-areas field--type-entity-reference field--label-above"> <div class="field__label">Details Program Areas</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/166" hreflang="en">Financial Inclusion</a></div> <div class="field__item"><a href="/taxonomy/term/5466" hreflang="en">US Finance</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-topics--rss.html.twig * field--node--rss--field-details-topics--template-g-details-flex.html.twig * field--node--rss--field-details-topics.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-topics--template-g-details-flex.html.twig * field--node--field-details-topics.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-topics.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-topics.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-topics field--type-entity-reference field--label-above"> <div class="field__label">Details Topics</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/1851" hreflang="en">Access to Finance</a></div> <div class="field__item"><a href="/taxonomy/term/1886" hreflang="en">Financial Capability</a></div> <div class="field__item"><a href="/taxonomy/term/2016" hreflang="en">Microenterprise</a></div> <div class="field__item"><a href="/taxonomy/term/2006" hreflang="en">Savings</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-countries--rss.html.twig * field--node--rss--field-details-countries--template-g-details-flex.html.twig * field--node--rss--field-details-countries.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-countries--template-g-details-flex.html.twig * field--node--field-details-countries.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-countries.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-countries.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-countries field--type-entity-reference field--label-above"> <div class="field__label">Details Countries</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/112" hreflang="en">United States</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-publication-type--rss.html.twig * field--node--rss--field-details-publication-type--template-g-details-flex.html.twig * field--node--rss--field-details-publication-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-publication-type--template-g-details-flex.html.twig * field--node--field-details-publication-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-publication-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-publication-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-publication-type field--type-entity-reference field--label-above"> <div class="field__label">Details Publication Type</div> <div class="field__item"><a href="/taxonomy/term/11" hreflang="en">Working Paper</a></div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-author--rss.html.twig * field--node--rss--field-details-author--template-g-details-flex.html.twig * field--node--rss--field-details-author.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-author--template-g-details-flex.html.twig * field--node--field-details-author.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-author.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig x field--field-details-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-author.html.twig' --> <div class="field field--name-field-details-author field--type-entity-reference field--label-above"> <div class="field-items-wrapper"> <div class="ind"> <a href="/people/jonathan-zinman"> <div class="img" style="background-image: url('/sites/default/files/2023-08/Jonathan-Zinman.png')"> </div> <div class="meta"> <div class="name notranslate"> Jonathan Zinman </div> <div class="title"> Dartmouth College </div> </div> </a> </div> <div class="ind"> <a href="/people/dean-karlan"> <div class="img" style="background-image: url('/sites/default/files/2023-08/Dean-Karlan-Headshot-Photo-500px-Square.jpeg')"> </div> <div class="meta"> <div class="name notranslate"> Dean Karlan </div> <div class="title"> Northwestern University </div> </div> </a> </div> <div class="ind"> <a href="/people/jeremy-burke"> <div class="img" style="background-image: url('/sites/default/files/headshots/JEREMY-BURKE.jpg_updated.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Jeremy Burke </div> <div class="title"> University of Southern California </div> </div> </a> </div> <div class="ind"> <a href="/people/kata-mihaly"> <div class="img" style="background-image: url('/sites/default/files/headshots/kata_mihaly_0.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Kata Mihaly </div> <div class="title"> RAND Corporation </div> </div> </a> </div> <div class="ind"> <a href="/people/julian-jamison"> <div class="img" style="background-image: url('/sites/default/files/headshots/lietuva.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Julian Jamison </div> <div class="title"> University of Exeter </div> </div> </a> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-file--rss.html.twig * field--node--rss--field-file--template-g-details-flex.html.twig * field--node--rss--field-file.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-file--template-g-details-flex.html.twig * field--node--field-file.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-file.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-file.html.twig * field--file.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-file field--type-file field--label-above"> <div class="field__label">File</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'pdfpreview_formatter' --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/pdfpreview-formatter.html.twig' --> <div class="pdfpreview" id="pdfpreview-732696"> <div class="pdfpreview-image-wrapper"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/image-formatter.html.twig' --> <a href="/sites/default/files/publications/CreditBuildCreditCrumble_July2019.pdf"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/image.html.twig' --> <img class="pdfpreview-file image-style-large" src="/sites/default/files/styles/large/public/pdfpreview/732696-CreditBuildCreditCrumble_July2019.png?itok=p6S0tPAt" width="371" height="480" loading="lazy" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/themes/classy/templates/field/image.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/field/image-style.html.twig' --> </a> <!-- END OUTPUT from 'core/themes/classy/templates/field/image-formatter.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/pdfpreview-formatter.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-post-teaser-text--rss.html.twig * field--node--rss--field-post-teaser-text--template-g-details-flex.html.twig * field--node--rss--field-post-teaser-text.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-post-teaser-text--template-g-details-flex.html.twig * field--node--field-post-teaser-text.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-post-teaser-text.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-post-teaser-text.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-post-teaser-text field--type-text-long field--label-above"> <div class="field__label">Post Teaser Text</div> <div class="field__item">There is little evidence on how the large market for credit score improvement products affects consumers or credit market efficiency.A randomized encouragement design on a standard credit builder loan (CBL) identifies null average effects on whether consumers have a credit score and the score itself, with important heterogeneity: those with loans outstanding at baseline fare worse, those without fare better.Selection, treatment effect, and prediction models indicate the CBL reveals valuable information to markets, inducing positive selection and making credit histories more precise, while keeping credit scores’ predictive power intact.</div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> Wed, 09 Oct 2019 16:20:02 +0000 Anonymous 38386 at https://poverty-action.org Can Reframing Large Debt Burdens into Smaller Goals Help People Reduce Debt? https://poverty-action.org/study/can-reframing-large-debt-burdens-smaller-goals-help-people-reduce-debt <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--title--rss.html.twig * field--node--rss--title--template-g-details-flex.html.twig * field--node--rss--title.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--title--template-g-details-flex.html.twig x field--node--title.html.twig * field--node--template-g-details-flex.html.twig * field--rss--title.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Can Reframing Large Debt Burdens into Smaller Goals Help People Reduce Debt?</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--uid--rss.html.twig * field--node--rss--uid--template-g-details-flex.html.twig * field--node--rss--uid.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--uid--template-g-details-flex.html.twig x field--node--uid.html.twig * field--node--template-g-details-flex.html.twig * field--rss--uid.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> <span lang="" typeof="schema:Person" property="schema:name" datatype="">Anonymous (not verified)</span> <!-- END OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--created--rss.html.twig * field--node--rss--created--template-g-details-flex.html.twig * field--node--rss--created.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--created--template-g-details-flex.html.twig x field--node--created.html.twig * field--node--template-g-details-flex.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Tue, 07/02/2019 - 14:33</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: x links--node.html.twig x links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-template-g-content-blocks--rss.html.twig * field--node--rss--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--rss--field-template-g-content-blocks.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-template-g-content-blocks.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-template-g-content-blocks.html.twig * field--entity-reference-revisions.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-template-g-content-blocks field--type-entity-reference-revisions field--label-above"> <div class="field__label">Template G Content Blocks</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-editor--default.html.twig * paragraph--sub-cb30-editor.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-editor paragraph--view-mode--default"> <div class="cb-text"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sub-editor--default.html.twig * field--paragraph--default--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--default--field-sub-editor.html.twig * field--paragraph--default--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor.html.twig * field--paragraph--sub-cb30-editor.html.twig * field--default--field-sub-editor.html.twig * field--default--sub-cb30-editor.html.twig * field--default.html.twig * field--field-sub-editor.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-sub-editor field--type-text-long field--label-above"> <div class="field__label">Sub Editor</div> <div class="field__item"><h2>Abstract</h2><p>Many Americans have accumulated staggering debt loads, limiting their ability to achieve financial stability. While some nonprofit and financial institutions have programs designed to help borrowers repay and reduce debt with personalized debt management plans, many people drop out of these programs in the first year. Researchers have partnered with a non-profit debt management provider and IPA to evaluate whether reframing difficult, long-lasting tasks, such as paying off large debts, into more easily-attainable “sub-goals” can help borrowers accomplish their goals of debt repayment and increase client retention in a debt management program.</p> <h2>Policy Issue</h2><p>In December 2018, Americans held over 1 trillion dollars in outstanding consumer credit.<sup><a href="#_ftn1" name="_ftnref1" title="" id="_ftnref1">1</a></sup> High levels of debt can be financially challenging for consumers, especially given that unpaid balances compound over time. Debt management plans (DMPs) are a tool designed to help people struggling with large, high- interest debt burdens. When a borrower initiates a DMP, the DMP provider negotiates a repayment plan with creditors on the borrower’s behalf based on their monthly budget. However, even with a DMP, borrowers may face repayment obstacles including unexpected financial setbacks. Moreover, common behavioral tendencies can make it challenging to complete difficult tasks like paying down debts, even when in one’s own long-term best interest. Additionally, because DMPs spread borrowers’ monthly payments across all of their debts, borrowers tend to have few concrete successes (in terms of debt accounts closed) until the end of the DMP, when most debts are paid off in quick succession. This creates an environment where clients may not get the psychological benefits of fully paying down a source of debt until the end of the plan.<sup><a href="#_ftn2" name="_ftnref2" title="" id="_ftnref2">2</a></sup></p> <p>Given these obstacles, many clients drop out of DMP programs before they are completely out of debt. The majority of drop-out happens within the first year, as clients must adjust their behavior and spending patterns to this new monthly expense. Can reframing debt repayment into smaller, more manageable “sub-goals” improve debt repayment behavior and increase client retention rates for DMP providers?</p> <h2>Context of the Evaluation</h2><p>The partner in this project is a non-profit debt management provider that serves clients with outstanding debt in all 50 US states. The DMP consolidates non-mortgage, non-student, and non-auto debt. Their average client is approximately 40 years old, earns $30,000 per year and owes approximately $8,250 in outstanding debt on their DMP. A typical DMP lasts three to five years, but only approximately one-third of clients successfully complete the program.</p> <h2>Details of the Intervention</h2><p>Innovations for Poverty Action is working with researchers to test whether messages that reframe large debt burdens into smaller goals and provide encouragement to borrowers can improve repayment behavior. The research team is creating a series of repayment goals, most of which are designed to be accomplished within the first 12 to 18 months of the DMP. These sub-goals will be communicated through text messages, emails, and images on borrowers’ personal pages on the partner's website.</p> <p>Researchers will randomly assign 4,200 DMP enrollees to one of three groups:</p> <ol><li><strong>Encouragement: </strong>Clients will receive additional communications (alongside normal communications from the DMP provider) that congratulate the clients on their progress and encourage them to continue to make payments.</li> <li><strong>Debt Reframing</strong>: Clients will receive additional communications (alongside normal communications from the DMP provider) that frame each payment as part of the discrete payment goals created by the research team and DMP provider. These messages will also congratulate the clients on their progress and encourage them to continue to make payments.</li> <li><strong>Comparison group: </strong>Clients will not receive any of the above interventions during the study period.</li> </ol><p>The researchers will use administrative data from the DMP provider to measure the effects of the encouragement and debt reframing messages on debt reduction, timely DMP repayment, program completion, and time spent paying down debt in the program.</p> <h2>Results and Policy Lessons</h2><p>Study on-going; results forthcoming. </p> <h2>Sources</h2><p> </p> <hr align="left" size="1" width="33%" /><div id="ftn1"> <p><a href="#_ftnref1" name="_ftn1" title="" id="_ftn1">[1]</a> Board of Governors of the Federal Reserve System. 2015. “Federal Reserve Statistical Release: Consumer Credit.” <a href="http://www.federalreserve.gov/releases/g19/current/#table1">http://www.federalreserve.gov/releases/g19/current/#table1</a></p> </div> <div id="ftn2"> <p><a href="#_ftnref2" name="_ftn2" title="" id="_ftn2">[2]</a> Tversky, A., &amp; Kahneman, D. (1986). Rational choice and the framing of decisions. <em>Journal of business</em>, S251-S278;</p> <p>Kettle, K. L., Trudel, R., Blanchard, S. J., &amp; Häubl, G. (2016). Repayment concentration and consumer motivation to get out of debt. <em>Journal of Consumer Research</em>, <em>43</em>(3), 460-477</p> </div> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> </div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-date--default.html.twig x paragraph--sub-cb30-date.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-date paragraph--view-mode--default"> <div class="cb-date"> July 02, 2019 </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-content-type--rss.html.twig * field--node--rss--field-details-content-type--template-g-details-flex.html.twig * field--node--rss--field-details-content-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-content-type--template-g-details-flex.html.twig * field--node--field-details-content-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-content-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-content-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-content-type field--type-entity-reference field--label-above"> <div class="field__label">Details Content Type</div> <div class="field__items"> <div class="field__item"><a href="/case-studies" hreflang="en">Case Study</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-program-areas--rss.html.twig * field--node--rss--field-details-program-areas--template-g-details-flex.html.twig * field--node--rss--field-details-program-areas.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-program-areas--template-g-details-flex.html.twig * field--node--field-details-program-areas.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-program-areas.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-program-areas.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-program-areas field--type-entity-reference field--label-above"> <div class="field__label">Details Program Areas</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/166" hreflang="en">Financial Inclusion</a></div> <div class="field__item"><a href="/taxonomy/term/5466" hreflang="en">US Finance</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-topics--rss.html.twig * field--node--rss--field-details-topics--template-g-details-flex.html.twig * field--node--rss--field-details-topics.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-topics--template-g-details-flex.html.twig * field--node--field-details-topics.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-topics.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-topics.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-topics field--type-entity-reference field--label-above"> <div class="field__label">Details Topics</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/1816" hreflang="en">Behavioral Design</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-countries--rss.html.twig * field--node--rss--field-details-countries--template-g-details-flex.html.twig * field--node--rss--field-details-countries.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-countries--template-g-details-flex.html.twig * field--node--field-details-countries.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-countries.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-countries.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-countries field--type-entity-reference field--label-above"> <div class="field__label">Details Countries</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/112" hreflang="en">United States</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-researchers--rss.html.twig * field--node--rss--field-details-researchers--template-g-details-flex.html.twig * field--node--rss--field-details-researchers.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-researchers--template-g-details-flex.html.twig * field--node--field-details-researchers.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-researchers.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig x field--field-details-researchers.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-researchers.html.twig' --> <div class="field field--name-field-details-researchers field--type-entity-reference field--label-above"> <div class="field-items-wrapper"> <div class="ind"> <a href="/people/jeremy-burke"> <div class="img" style="background-image: url('/sites/default/files/headshots/JEREMY-BURKE.jpg_updated.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Jeremy Burke </div> <div class="title"> University of Southern California </div> </div> </a> </div> <div class="ind"> <a href="/people/simone-schaner"> <div class="img" style="background-image: url('/sites/default/files/headshots/simone_schaner_0.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Simone Schaner </div> <div class="title"> University of Southern California </div> </div> </a> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-researchers.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sample-size--rss.html.twig * field--node--rss--field-sample-size--template-g-details-flex.html.twig * field--node--rss--field-sample-size.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-sample-size--template-g-details-flex.html.twig * field--node--field-sample-size.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-sample-size.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-sample-size.html.twig * field--string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-sample-size field--type-string field--label-above"> <div class="field__label">Sample Size</div> <div class="field__item">4,200 clients</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-timeline--rss.html.twig * field--node--rss--field-timeline--template-g-details-flex.html.twig * field--node--rss--field-timeline.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-timeline--template-g-details-flex.html.twig * field--node--field-timeline.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-timeline.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-timeline.html.twig * field--string-long.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-timeline field--type-string-long field--label-above"> <div class="field__label">Timeline</div> <div class="field__item">2019-2020</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-implemented-by-ipa--rss.html.twig * field--node--rss--field-implemented-by-ipa--template-g-details-flex.html.twig * field--node--rss--field-implemented-by-ipa.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-implemented-by-ipa--template-g-details-flex.html.twig * field--node--field-implemented-by-ipa.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-implemented-by-ipa.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-implemented-by-ipa.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-implemented-by-ipa field--type-list-string field--label-above"> <div class="field__label">Implemented by IPA</div> <div class="field__item">Yes</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-post-teaser-text--rss.html.twig * field--node--rss--field-post-teaser-text--template-g-details-flex.html.twig * field--node--rss--field-post-teaser-text.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-post-teaser-text--template-g-details-flex.html.twig * field--node--field-post-teaser-text.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-post-teaser-text.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-post-teaser-text.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-post-teaser-text field--type-text-long field--label-above"> <div class="field__label">Post Teaser Text</div> <div class="field__item"><p>Many Americans have accumulated staggering debt loads, limiting their ability to achieve financial stability.While some nonprofit and financial institutions have programs designed to help borrowers repay and reduce debt with personalized debt management plans, many people drop out of these programs in the first year.</p> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> Tue, 02 Jul 2019 18:33:42 +0000 Anonymous 37421 at https://poverty-action.org Your Tax Refund is On Its Way - Now What? https://poverty-action.org/blog/your-tax-refund-its-way-now-what <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--title--rss.html.twig * field--node--rss--title--template-g-details-flex.html.twig * field--node--rss--title.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--title--template-g-details-flex.html.twig x field--node--title.html.twig * field--node--template-g-details-flex.html.twig * field--rss--title.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Your Tax Refund is On Its Way - Now What?</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--uid--rss.html.twig * field--node--rss--uid--template-g-details-flex.html.twig * field--node--rss--uid.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--uid--template-g-details-flex.html.twig x field--node--uid.html.twig * field--node--template-g-details-flex.html.twig * field--rss--uid.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> <span lang="" typeof="schema:Person" property="schema:name" datatype="">Anonymous (not verified)</span> <!-- END OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--created--rss.html.twig * field--node--rss--created--template-g-details-flex.html.twig * field--node--rss--created.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--created--template-g-details-flex.html.twig x field--node--created.html.twig * field--node--template-g-details-flex.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Mon, 04/30/2018 - 14:35</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: x links--node.html.twig x links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-template-g-content-blocks--rss.html.twig * field--node--rss--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--rss--field-template-g-content-blocks.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-template-g-content-blocks.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-template-g-content-blocks.html.twig * field--entity-reference-revisions.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-template-g-content-blocks field--type-entity-reference-revisions field--label-above"> <div class="field__label">Template G Content Blocks</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-editor--default.html.twig * paragraph--sub-cb30-editor.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-editor paragraph--view-mode--default"> <div class="cb-text"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sub-editor--default.html.twig * field--paragraph--default--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--default--field-sub-editor.html.twig * field--paragraph--default--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor.html.twig * field--paragraph--sub-cb30-editor.html.twig * field--default--field-sub-editor.html.twig * field--default--sub-cb30-editor.html.twig * field--default.html.twig * field--field-sub-editor.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-sub-editor field--type-text-long field--label-above"> <div class="field__label">Sub Editor</div> <div class="field__item"><p>Imagine you were just handed a check – a check in addition to and larger than most of your paychecks. Do you know what you would do with this money? And what would it take to change your mind?</p> <p>Last week marked the end of tax season, with millions of families now awaiting the arrival of their tax refunds and, in many cases, of additional tax credits which represent the lion’s share of America’s income redistribution efforts. According to the advocacy group Prosperity Now, refunds received at tax time can make up as much as 30% of a low-income family’s annual income. Consumer advocates and financial empowerment organizations, including Volunteer Income Tax Assistance (VITA) program providers, have long seized upon tax time as an opportunity to promote savings as a path to financial empowerment. VITA providers frequently target tax filers with savings bonds, financial coaches, prepaid debit cards, and no-frills checking accounts as part of the tax filing process, and encourage families to direct all or part of their refund to savings. And it’s true - tax time presents an opportunity to engage with some of the most vulnerable families about their finances and provides a teachable moment to leverage an impending tax refund for some kind of “financially healthy” use.</p> <p>In 2016, the research group MDRC released <a href="https://prosperitynow.org/files/PDFs/01-2015_saveusa_finalreport.pdf" target="_blank">a randomized evaluation of the program SaveUSA</a>, which provided a match incentive to low- and moderate-income tax filers who saved a part of their tax refund for a full year. Program participants saved an average of $522 - 30 percent more - than regular tax filers, and were eight percentage points more likely to have any kind of savings 42 months later. While these results are important, they do beg the question- could these families be getting more bang for their buck?</p> <p>One of the recognitions in last year’s Nobel Prize in economics to Richard Thaler, who is said to have brought the humanity back to economics, was the idea of mental accounting. That is, even though a dollar spent or saved in one domain of our lives is equal to dollar in another domain, we tend to simplify our math by separating it into smaller mental buckets – our grocery money, our vacation savings, etc. By the time we get a tidy windfall already saved up for us by Uncle Sam, we may have already mentally allocated it towards a goal, which might be hard to undo.</p> <p class="pull-quote">By the time we get a tidy windfall already saved up for us by Uncle Sam, we may have already mentally allocated it towards a goal, which might be hard to undo.</p> <p>While every individual and family’s situation differs, it is quickly gaining traction that the advisable option for the most financially insecure is to encourage them to prioritize paying down high-interest debt rather than increasing savings. According to <a href="https://www.nerdwallet.com/blog/average-credit-card-debt-household/" target="_blank">NerdWallet</a>, the average U.S. household had nearly $16,000 in credit card debt in 2017. With typical credit card APRs hovering between 13-16%, it’s time to start looking at debt reduction as a first best approach to strengthen the financial stability of American families.  </p> <p class="pull-quote">We discovered ... that mental accounting starts early.</p> <p>A study from the <a href="https://csd.wustl.edu/publications/documents/rr15-06.pdf" target="_blank">Center for Social Development at Washington University in St. Louis</a> shows evidence that small behavioral interventions, including anchoring (suggesting a number as a mental reference point) and prompts (changes in the concreteness of the goal messaging) can induce changes to tax-filer savings contribution while filing their tax returns online. These low-touch interventions were effective for savings, but can they create similar effects on debt repayment? <a href="http://www.poverty-action.org" target="_blank">Innovations for Poverty Action</a> is conducting an evaluation to test whether <a href="https://www.poverty-action.org/study/nudging-consumers-use-tax-refunds-repay-high-interest-debt" target="_blank">a small nudge of information</a> is enough to encourage tax prep customers to use their tax refunds to reduce costly outstanding debt. In partnership with the <a href="http://cashmd.org/" target="_blank">CASH Campaign of Maryland</a>, we included an encouragement to pay down high-interest debt as part of a typical VITA appointment reminder postcard.  We discovered in the process, that mental accounting starts early. Some programs find when they introduce the idea of planning for a refund at the end of the tax process it’s too late – people have already mentally allocated their refunds. So we tried to leapfrog this by sending the postcards early in the season. </p> <p>If successful, this idea may shed light on a more promising, potentially more impactful approach to helping Americans best leverage their tax refunds to improve financial health. Research that takes into account a household’s full balance sheet – not just savings – could provide give policymakers and practitioners new insight into the best way to help VITA clients and all Americans make the most of their tax refund dollars. How will you use your refund?</p> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> </div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-date--default.html.twig x paragraph--sub-cb30-date.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-date paragraph--view-mode--default"> <div class="cb-date"> April 30, 2018 </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-content-type--rss.html.twig * field--node--rss--field-details-content-type--template-g-details-flex.html.twig * field--node--rss--field-details-content-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-content-type--template-g-details-flex.html.twig * field--node--field-details-content-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-content-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-content-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-content-type field--type-entity-reference field--label-above"> <div class="field__label">Details Content Type</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/10915" hreflang="en">Blogs</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-program-areas--rss.html.twig * field--node--rss--field-details-program-areas--template-g-details-flex.html.twig * field--node--rss--field-details-program-areas.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-program-areas--template-g-details-flex.html.twig * field--node--field-details-program-areas.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-program-areas.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-program-areas.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-program-areas field--type-entity-reference field--label-above"> <div class="field__label">Details Program Areas</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/5466" hreflang="en">US Finance</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-countries--rss.html.twig * field--node--rss--field-details-countries--template-g-details-flex.html.twig * field--node--rss--field-details-countries.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-countries--template-g-details-flex.html.twig * field--node--field-details-countries.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-countries.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-countries.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-countries field--type-entity-reference field--label-above"> <div class="field__label">Details Countries</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/112" hreflang="en">United States</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-researchers--rss.html.twig * field--node--rss--field-details-researchers--template-g-details-flex.html.twig * field--node--rss--field-details-researchers.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-researchers--template-g-details-flex.html.twig * field--node--field-details-researchers.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-researchers.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig x field--field-details-researchers.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-researchers.html.twig' --> <div class="field field--name-field-details-researchers field--type-entity-reference field--label-above"> <div class="field-items-wrapper"> <div class="ind"> <a href="/people/dean-karlan"> <div class="img" style="background-image: url('/sites/default/files/2023-08/Dean-Karlan-Headshot-Photo-500px-Square.jpeg')"> </div> <div class="meta"> <div class="name notranslate"> Dean Karlan </div> <div class="title"> Northwestern University </div> </div> </a> </div> <div class="ind"> <a href="/people/jonathan-zinman"> <div class="img" style="background-image: url('/sites/default/files/2023-08/Jonathan-Zinman.png')"> </div> <div class="meta"> <div class="name notranslate"> Jonathan Zinman </div> <div class="title"> Dartmouth College </div> </div> </a> </div> <div class="ind"> <a href="/people/jeremy-burke"> <div class="img" style="background-image: url('/sites/default/files/headshots/JEREMY-BURKE.jpg_updated.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Jeremy Burke </div> <div class="title"> University of Southern California </div> </div> </a> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-researchers.html.twig' --> Mon, 30 Apr 2018 18:35:49 +0000 Anonymous 32781 at https://poverty-action.org Harvest Boxes Won’t Fix SNAP, But Thinking Like a Plumber Might https://poverty-action.org/blog/harvest-boxes-won%E2%80%99t-fix-snap-thinking-plumber-might <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--title--rss.html.twig * field--node--rss--title--template-g-details-flex.html.twig * field--node--rss--title.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--title--template-g-details-flex.html.twig x field--node--title.html.twig * field--node--template-g-details-flex.html.twig * field--rss--title.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Harvest Boxes Won’t Fix SNAP, But Thinking Like a Plumber Might</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--uid--rss.html.twig * field--node--rss--uid--template-g-details-flex.html.twig * field--node--rss--uid.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--uid--template-g-details-flex.html.twig x field--node--uid.html.twig * field--node--template-g-details-flex.html.twig * field--rss--uid.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> <span lang="" typeof="schema:Person" property="schema:name" datatype="">Anonymous (not verified)</span> <!-- END OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--created--rss.html.twig * field--node--rss--created--template-g-details-flex.html.twig * field--node--rss--created.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--created--template-g-details-flex.html.twig x field--node--created.html.twig * field--node--template-g-details-flex.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Mon, 03/05/2018 - 13:24</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: x links--node.html.twig x 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OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-template-g-content-blocks field--type-entity-reference-revisions field--label-above"> <div class="field__label">Template G Content Blocks</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-editor--default.html.twig * paragraph--sub-cb30-editor.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-editor paragraph--view-mode--default"> <div class="cb-text"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sub-editor--default.html.twig * field--paragraph--default--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--default--field-sub-editor.html.twig * field--paragraph--default--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor.html.twig * field--paragraph--sub-cb30-editor.html.twig * field--default--field-sub-editor.html.twig * field--default--sub-cb30-editor.html.twig * field--default.html.twig * field--field-sub-editor.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-sub-editor field--type-text-long field--label-above"> <div class="field__label">Sub Editor</div> <div class="field__item"><div class="dnd-atom-wrapper type-image context-width_300px atom-align-right" contenteditable="false"><div class="dnd-drop-wrapper"><a href="https://www.flickr.com/photos/usdagov/7532015576/in/photolist-ctzxPw-nkASuY-jqrWvv-qtQpVZ-dQuN5i-88DDeh-o1xhGQ-dvstSJ-g5rsKo-nkAtak-nBSkkh-bV98jX-ozscsx-nkAx9x-ctzBVm-jngZRW-nC66LE-nkAHsu-nBNA5z-ctzyL7-e8WkuA-btd8FD-gAMaAK-6cgVk1-hnmUUX-ctFrWL-aRqnK8-oRV94S-9n7eT6-qdwBED-bmMjSn-ctyMho-HTDR2q-nC5XUs-ehDJ5D-eDUTvY-ctzcHb-ctyRBY-p7r98X-ctySgN-ctzL2f-ctzWsA-jDFa6M-dMQEWR-cV3axG-8Sboq2-ctzMrE-ctzymL-9HbHSR-ctyQNw" target="_blank"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/image.html.twig' --> <img src="/sites/default/files/thumbnails/image/USDA%20SNAP%20card.jpg" alt="USDA SNAP card.jpg" title="USDA SNAP card.jpg" typeof="foaf:Image" /><!-- END OUTPUT from 'core/themes/classy/templates/field/image.html.twig' --></a></div></div><p>In her <a href="https://economics.mit.edu/files/12569">2017 Ely lecture</a>, Esther Duflo adroitly noted that the model economist must be willing to be an “economist-plumber…in the pursuit of good implementation of public policy, she is willing to tinker.” This mentality has been absent in the conversation around the current US administration’s suggestion that the Supplemental Nutrition Assistance Program (SNAP) switch from vouchers (food stamps) to in-kind transfers (in this case, a literal box of food). Harvest boxes <a href="https://www.nytimes.com/2018/02/13/us/harvest-box-snap-food-stamps.html">aren’t viable</a> for several reasons—and their suggestion highlights the lack of dispassionate, evidence-based conversations about improving US benefits programs.</p><p>There may well be a real benefit to reforming SNAP, just one part of a patchwork of social safety net programs in the United States. The guiding question is in this case is, how can the flow of government support to low-income households most increase welfare, and nutrition, for each dollar spent? Tinkering can produce this knowledge, but tinkering also carries a risk. For example, one recent study found that a seemingly small reduction in monthly SNAP benefits—less than $25—can <a href="https://nber.org/papers/w23633">result in significant nutritional shortfalls</a> for families: no food for a few days. Tinkering must be done using an experimental approach to generate quantitative evidence on a change’s potential benefits, or harm, before any sweeping nationwide changes are implemented. There are reasons to be careful before making  changes in people’s lives, as one change can spill over onto another—researchers have found <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2992390">children score lower on exams the farther they are in the month from receiving their food stamps</a>.</p><p>The current administration’s proposal to convert nutritional aid into in-kind transfers is a form of tinkering with benefit restrictiveness. Transfers can be described on a scale of highly restrictive to totally unrestricted—receiving packaged food to receiving cash. In its current incarnation, SNAP vouchers would be considered a type of in-kind transfer, as they can only purchase food. Delivery mechanisms, frequency, conditionality, and benefit duration can vary broadly as well.</p><p>Unconditional Cash Transfers (UCT) are the most flexible type of benefit. They provide cash without any restrictions so that families decide how best to allocate resources. The benefit of this is intuitive: money can be anything, while shelf-stable milk can only be shelf-stable milk. UCTs also have the lowest implementation costs and remove the issue of fraud<a href="#_ftn1" name="_ftnref1" title="" id="_ftnref1">[1]</a> from misuse of restricted transfers. Two recent studies provide evidence that unrestricted transfers have the best average outcome for individual’s economic success. Perhaps equally important in this political environment, they also do not seem to create the negative externalities that many U.S. critics fear and use as a reason to strike down UCTs in public policy.</p><p>In Kenya, Innovations for Poverty Action <a href="https://www.poverty-action.org/study/impact-unconditional-cash-transfers-kenya">conducted research</a> with the nonprofit <a href="http://www.givedirectly.org">GiveDirectly</a> to test the impact of unconditional cash transfers among low-income households in one of the poorest parts of the country. The researchers varied recipient gender, payment timing, and transfer size. In all groups, there were positive impacts—the transfers increased in food security, asset ownership, and consumption, as well as psychological benefits.</p><p>In the U.S., recent research on the <a href="https://www.nber.org/papers/w24312">Alaska Permanent Fund</a>—a yearly cash payment to Alaska residents—didn’t find any reduction in employment, a major concern from skeptics of UCTs. There were increases in part-time work, but it’s unclear whether those came from reduction in hours, or additions to the labor force, or both. In the case of SNAP, this can be understood as families continuing to spend money on food if they received cash (a result found by the USDA study).</p><p>Another common critique of unrestrictive cash transfers is that they incentivize harmful behavior such as smoking or drinking. While the purchase of tobacco and alcohol is prohibited by the current SNAP program, this argument is also not supported by evidence from the international context. Cash transfers <a href="https://www.journals.uchicago.edu/doi/abs/10.1086/689575" target="_blank">reduce consumption</a> of temptation goods such as tobacco and alcohol. Of course, the occasional individual could buy beer with a transfer, but the average individual benefits from greater freedom to pursue their goals. This could be paying off expensive debt to free up resources for more nutritious food next month, starting a college savings account, or even coming up with a security deposit for an apartment.</p><p>On the other end of the spectrum, there is some evidence that targeted, in-kind, transfers can provide benefits to those that need the services most. However, <a href="http://www.ifpri.org/event/cash-food-or-vouchers">their effects</a> seem to be highly dependent on the context of the market the goods or services are delivered in. For example, <a href="https://openknowledge.worldbank.org/bitstream/handle/10986/26453/114092-WP-evans-kenya-uniforms-PUBLIC.pdf?sequence=1&amp;isAllowed=y">a study of school uniform donations</a> in Kenya found that providing school uniforms reduced school absenteeism by 38 percent in a context where school uniforms were required to attend school and only about 60 percent of students had uniforms. But, in a context where the in-kind donation isn’t relevant, these transfers may not accomplish their goals and can even work against them. Take <a href="http://documents.worldbank.org/curated/en/960091473863696457/pdf/WPS7822.pdf">TOMS donations</a> in rural El Salvador, a middle-income country where the vast majority of recipient children already owned shoes. Even though recipients liked the shoes, there were no significant improvements in foot health.</p><p class="pull-quote">Until that hypothesis is tested, there is no way to know what that modification could do.</p><p>One could imagine that harvest boxes delivered to households in food deserts could help families eat more nutritious meals, in the absence of convenient places to purchase it. Until that hypothesis is tested, there is no way to know what that modification could do. If that was a modification of interest, preliminary research on recipient nutrition should be conducted to find out if that modification would be relevant, especially given the known capacity for harm in benefit reduction.</p><p>Ultimately, as Duflo noted, there is no silver bullet to these problems, but there is a solution to the knowledge problem: tinkering and testing modifications at all levels of program implementation. The US government needs to roll up its metaphorical sleeves, define the goals of these programs, and then start testing fixes, big and small. Their fixes must be rigorously evaluated to understand each moving piece—from which individuals qualify for the program to the wording of the communications.</p><p>That’s how to make nutritional assistance flow truer. That’s what a plumber does.</p><div> <div> <hr align="left" size="1" width="33%" /><div id="ftn1"><p><a href="#_ftnref1" name="_ftn1" title="" id="_ftn1">[1]</a>Much of the political rhetoric around this proposal relates to fraud. Evaluations by <a href="https://fns-prod.azureedge.net/sites/default/files/Trafficking2009_Summary.pdf">USDA</a>, the implementer of SNAP, and the <a href="https://www.gao.gov/assets/680/677779.pdf">Government Accountability Office</a> have found that fraudulent spending is about 1 percent of SNAP dollars, occurs in about 1 percent of households, and in about 10 percent of vendors.</p></div></div><div><hr align="left" size="1" width="33%" /><div><div id="_com_1" uage="JavaScript"> </div></div></div></div></div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> </div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-date--default.html.twig x paragraph--sub-cb30-date.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-date paragraph--view-mode--default"> <div class="cb-date"> March 05, 2018 </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-content-type--rss.html.twig * field--node--rss--field-details-content-type--template-g-details-flex.html.twig * field--node--rss--field-details-content-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-content-type--template-g-details-flex.html.twig * field--node--field-details-content-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-content-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-content-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-content-type field--type-entity-reference field--label-above"> <div class="field__label">Details Content Type</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/10915" hreflang="en">Blogs</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-program-areas--rss.html.twig * field--node--rss--field-details-program-areas--template-g-details-flex.html.twig * field--node--rss--field-details-program-areas.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-program-areas--template-g-details-flex.html.twig * field--node--field-details-program-areas.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-program-areas.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-program-areas.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-program-areas field--type-entity-reference field--label-above"> <div class="field__label">Details Program Areas</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/5466" hreflang="en">US Finance</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-topics--rss.html.twig * field--node--rss--field-details-topics--template-g-details-flex.html.twig * field--node--rss--field-details-topics.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-topics--template-g-details-flex.html.twig * field--node--field-details-topics.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-topics.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-topics.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-topics field--type-entity-reference field--label-above"> <div class="field__label">Details Topics</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/1816" hreflang="en">Behavioral Design</a></div> <div class="field__item"><a href="/taxonomy/term/1821" hreflang="en">Cash Transfers</a></div> <div class="field__item"><a href="/taxonomy/term/2076" hreflang="en">Food Security</a></div> <div class="field__item"><a href="/taxonomy/term/1971" hreflang="en">Nutrition</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-countries--rss.html.twig * field--node--rss--field-details-countries--template-g-details-flex.html.twig * field--node--rss--field-details-countries.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-countries--template-g-details-flex.html.twig * field--node--field-details-countries.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-countries.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-countries.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-countries field--type-entity-reference field--label-above"> <div class="field__label">Details Countries</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/112" hreflang="en">United States</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> Mon, 05 Mar 2018 18:24:14 +0000 Anonymous 32091 at https://poverty-action.org The Impact of Individualized Information on Teacher Loan Forgiveness Uptake in the United States https://poverty-action.org/study/impact-individualized-information-teacher-loan-forgiveness-uptake-united-states <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--title--rss.html.twig * field--node--rss--title--template-g-details-flex.html.twig * field--node--rss--title.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--title--template-g-details-flex.html.twig x field--node--title.html.twig * field--node--template-g-details-flex.html.twig * field--rss--title.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">The Impact of Individualized Information on Teacher Loan Forgiveness Uptake in the United States</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--uid--rss.html.twig * field--node--rss--uid--template-g-details-flex.html.twig * field--node--rss--uid.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--uid--template-g-details-flex.html.twig x field--node--uid.html.twig * field--node--template-g-details-flex.html.twig * field--rss--uid.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> <span lang="" typeof="schema:Person" property="schema:name" datatype="">Anonymous (not verified)</span> <!-- END OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--created--rss.html.twig * field--node--rss--created--template-g-details-flex.html.twig * field--node--rss--created.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--created--template-g-details-flex.html.twig x field--node--created.html.twig * field--node--template-g-details-flex.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Thu, 03/01/2018 - 14:16</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: x links--node.html.twig x links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-template-g-content-blocks--rss.html.twig * field--node--rss--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--rss--field-template-g-content-blocks.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-template-g-content-blocks.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-template-g-content-blocks.html.twig * field--entity-reference-revisions.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-template-g-content-blocks field--type-entity-reference-revisions field--label-above"> <div class="field__label">Template G Content Blocks</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-editor--default.html.twig * paragraph--sub-cb30-editor.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-editor paragraph--view-mode--default"> <div class="cb-text"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sub-editor--default.html.twig * field--paragraph--default--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--default--field-sub-editor.html.twig * field--paragraph--default--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor.html.twig * field--paragraph--sub-cb30-editor.html.twig * field--default--field-sub-editor.html.twig * field--default--sub-cb30-editor.html.twig * field--default.html.twig * field--field-sub-editor.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-sub-editor field--type-text-long field--label-above"> <div class="field__label">Sub Editor</div> <div class="field__item"><h2>Abstract</h2><p>Teacher experience is a key factor in student learning, but many schools in the United States experience high rates of teacher turnover—especially schools serving low-income communities. One reason that retention may be low in these schools is that student loan debt is a significant burden for teachers. As a result, federal loan forgiveness programs may be an effective way of retaining teachers, but many teachers do not take advantage of these programs. Researchers are working with Innovations for Poverty Action to study the effects of behavioral “nudges” that encourage teachers to enroll in loan forgiveness programs on program enrollment, teacher retention, and household finance. </p> <h2>Policy Issue</h2><p>A large body of evidence over the past decade has highlighted the importance of the individual classroom teacher in determining student learning,<sup><a href="#_ftn1" name="_ftnref1" title="" id="_ftnref1">1</a></sup> and experience is a key factor in teacher performance.<sup><a href="#_ftn2" name="_ftnref2" title="" id="_ftnref2">2</a></sup> Schools that serve low-income students tend to experience high teacher attrition,<sup><a href="#_ftn3" name="_ftnref3" title="" id="_ftnref3">3</a></sup> which puts those students at a disadvantage in terms of teacher quality. Additionally, there is some evidence that salary plays a measurable role in teacher retention.<sup><a href="#_ftn4" name="_ftnref4" title="" id="_ftnref4">4</a></sup>  </p> <p>One reason that teacher retention may be low in these schools is that student loan debt is a significant burden for teachers, who often earn comparatively low salaries for college graduates. Student loan debt can affect the decisions of recent graduates in many areas of life, including career decisions.<sup><a href="#_ftn5" name="_ftnref5" title="" id="_ftnref5">5</a></sup> Outstanding debt can affect household financial decision making, especially major life decisions such as buying a house or getting married. In addition, student loans are an increasingly important part of household balance sheets. They substantively affect asset and debt allocations.<sup><a href="#_ftn6" name="_ftnref6" title="" id="_ftnref6">6</a></sup> Loan forgiveness could be one way to increase compensation for teachers who work at schools in high-poverty areas In recognition of this, the U.S. government provides multiple loan forgiveness and cancellation programs for public service employees, but application processes are complicated and these programs are underutilized among teachers nationally.<sup><a href="#_ftn7" name="_ftnref7" title="" id="_ftnref7">7</a></sup> In the state of Michigan in the US, researchers and policymakers are testing the impact of various nudge strategies to encourage eligible teachers to enroll in loan forgiveness programs.</p> <h2>Context of the Evaluation</h2><p>In Michigan, lower-income schools tend to have less experienced teachers, on average.<sup><a href="#_ftn8" name="_ftnref8" title="" id="_ftnref8">8</a></sup> Loan forgiveness may be a significant financial opportunity for many teachers, where new teachers averaged a starting salary of $36,141 during Academic Year 2012-13.<sup><a href="#_ftn9" name="_ftnref9" title="" id="_ftnref9">9</a></sup></p> <p>The federal Teacher Loan Forgiveness Program (TLF) forgives a portion of student loans for teachers who remain in a low-income school or educational service agency for at least five consecutive years. Most teachers qualify to have up to $5,000 of their direct federal or federally-subsidized student loans forgiven, and highly qualified teachers in certain subjects can have up to $17,500 forgiven.</p> <p>Simple low-cost nudges like informational letters and phone calls may increase uptake of loan forgiveness programs among these teachers. However, the impacts that financial benefits of loan forgiveness have on teacher retention are unknown since intrinsic motivation may play a large role teachers’ employment decisions.</p> <h2>Details of the Intervention</h2><p>IPA is providing research support for a University of Chicago, Harris School of Public Policy, &amp; University of Michigan partnership with the Michigan Department of Education (MDE) Office of Professional Preparation Services (OPPS).</p> <p>These researchers and implementing partners are working with IPA to investigate how nudges, designed to simplify aspects of the TLF application process, affect TLF program enrollment and employment decisions among teachers in TLF-eligible Michigan public schools.</p> <p>Among 2364 public schools covered by TLF, researchers randomly selected half into the treatment group, and the other half to be in the pure comparison group where no teachers received any intervention. Within the treatment schools, researchers identified approximately 21,000 teachers who began their service in 2003 or later. These teachers were then randomly assigned into one of three groups:</p> <ol><li>Letter group: teachers received a letter with their eligibility status as well as instructions on how to apply for teacher loan forgiveness.</li> <li>Call group: teachers received the same letter as those in the letter group. In addition, these teachers received a call to their school in which this information was repeated verbally and teachers were provided an opportunity to ask questions.  </li> <li>Comparison group: teachers did not receive any intervention.</li> </ol><p>To examine the effect of these nudges on teachers’ TLF uptake and their employment decisions, researchers are measuring the effects of the program on teacher retention, as well as teachers’ understanding of their loan forgiveness options, perceptions of their own financial health, and self-reported uptake of the TLF program.</p> <h2>Results and Policy Lessons</h2><p>Project ongoing; results forthcoming.</p> <h2>Sources</h2><p> </p> <div id="ftn1"> <p><a href="#_ftnref1" name="_ftn1" title="" id="_ftn1">[1]</a> Hanushek, E. A., &amp; Rivkin, S. G. (2006). Teacher quality. Handbook of the Economics of Education, 2, 1051-1078.</p> </div> <div id="ftn2"> <p><a href="#_ftnref2" name="_ftn2" title="" id="_ftn2">[2]</a> Clotfelter, C. T., Ladd, H. F., &amp; Vigdor, J. L. (2007). Teacher credentials and student achievement: Longitudinal analysis with student fixed effects. Economics of Education Review, 26(6), 673-682.</p> </div> <div id="ftn3"> <p><a href="#_ftnref3" name="_ftn3" title="" id="_ftn3">[3]</a> Ingersoll, R. M. (2001). Teacher turnover and teacher shortages: An organizational analysis. <em>American educational research journal</em>, <em>38</em>(3), 499-534. http://journals.sagepub.com/doi/abs/10.3102/00028312038003499</p> </div> <div id="ftn4"> <p><a href="#_ftnref4" name="_ftn4" title="" id="_ftn4">[4]</a> Hanushek, E. A., Kain, J. F., O'Brien, D. M., &amp; Rivkin, S. G. (2005). <em>The market for teacher quality (No. w11154)</em>. National Bureau of Economic Research.</p> </div> <div id="ftn5"> <p><a href="#_ftnref5" name="_ftn5" title="" id="_ftn5">[5]</a> Looney, A., &amp; Yannelis, C. (2015). A crisis in student loans?: How changes in the characteristics of borrowers and in the institutions they attended contributed to rising loan defaults. Brookings Papers on Economic Activity, 2015(2), 1-89.</p> </div> <div id="ftn6"> <p><a href="#_ftnref6" name="_ftn6" title="" id="_ftn6">[6]</a> Consumer Financial Protection Bureau Office of Research (2017). CFPB Data Point: Student Loan Repayment. https://www.consumerfinance.gov/data-research/research-reports/cfpb-data-point-student-loan-repayment/</p> </div> <div id="ftn7"> <p><a href="#_ftnref7" name="_ftn7" title="" id="_ftn7">[7]</a> Government Accountability Office. (2015). Federal Student Loans: Education Could Do More to Help Ensure Borrowers Are Aware of Repayment and Forgiveness Options. https://www.gao.gov/products/GAO-15-663</p> </div> <div id="ftn8"> <p><a href="#_ftnref8" name="_ftn8" title="" id="_ftn8">[8]</a> Michigan Department of Education. (2015). Michigan’s State Plan to Ensure Equitable Access to Excellent Teachers. https://www2.ed.gov/programs/titleiparta/equitable/miequityplan060115.pdf</p> </div> <div id="ftn9"> <p><a href="#_ftnref9" name="_ftn9" title="" id="_ftn9">[9]</a> http://www.nea.org/home/2012-2013-average-starting-teacher-salary.html</p> </div> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> </div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-date--default.html.twig x paragraph--sub-cb30-date.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-date paragraph--view-mode--default"> <div class="cb-date"> March 01, 2018 </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-content-type--rss.html.twig * field--node--rss--field-details-content-type--template-g-details-flex.html.twig * field--node--rss--field-details-content-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-content-type--template-g-details-flex.html.twig * field--node--field-details-content-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-content-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-content-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-content-type field--type-entity-reference field--label-above"> <div class="field__label">Details Content Type</div> <div class="field__items"> <div class="field__item"><a href="/case-studies" hreflang="en">Case Study</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-program-areas--rss.html.twig * field--node--rss--field-details-program-areas--template-g-details-flex.html.twig * field--node--rss--field-details-program-areas.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-program-areas--template-g-details-flex.html.twig * field--node--field-details-program-areas.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-program-areas.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-program-areas.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-program-areas field--type-entity-reference field--label-above"> <div class="field__label">Details Program Areas</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/5466" hreflang="en">US Finance</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-topics--rss.html.twig * field--node--rss--field-details-topics--template-g-details-flex.html.twig * field--node--rss--field-details-topics.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-topics--template-g-details-flex.html.twig * field--node--field-details-topics.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-topics.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-topics.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-topics field--type-entity-reference field--label-above"> <div class="field__label">Details Topics</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/1816" hreflang="en">Behavioral Design</a></div> <div class="field__item"><a href="/taxonomy/term/1886" hreflang="en">Financial Capability</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-countries--rss.html.twig * field--node--rss--field-details-countries--template-g-details-flex.html.twig * field--node--rss--field-details-countries.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-countries--template-g-details-flex.html.twig * field--node--field-details-countries.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-countries.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-countries.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-countries field--type-entity-reference field--label-above"> <div class="field__label">Details Countries</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/112" hreflang="en">United States</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-researchers--rss.html.twig * field--node--rss--field-details-researchers--template-g-details-flex.html.twig * field--node--rss--field-details-researchers.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-researchers--template-g-details-flex.html.twig * field--node--field-details-researchers.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-researchers.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig x field--field-details-researchers.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-researchers.html.twig' --> <div class="field field--name-field-details-researchers field--type-entity-reference field--label-above"> <div class="field-items-wrapper"> <div class="ind"> <a href="/people/brian-jacob"> <div class="img" style="background-image: url('/sites/default/files/headshots/brianjacob_0.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Brian Jacob </div> <div class="title"> University of Michigan </div> </div> </a> </div> <div class="ind"> <a href="/people/damon-jones"> <div class="img" style="background-image: url('/sites/default/files/headshots/damonjones.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Damon Jones </div> <div class="title"> The University of Chicago </div> </div> </a> </div> <div class="ind"> <a href="/people/benjamin-keys"> <div class="img" style="background-image: url('/sites/default/files/headshots/Benjamin_Keys.JPG')"> </div> <div class="meta"> <div class="name notranslate"> Benjamin Keys </div> <div class="title"> University of Pennsylvania </div> </div> </a> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-researchers.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-staff--rss.html.twig * field--node--rss--field-staff--template-g-details-flex.html.twig * field--node--rss--field-staff.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-staff--template-g-details-flex.html.twig * field--node--field-staff.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-staff.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig x field--field-staff.html.twig * field--entity-reference-revisions.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field--field-staff.html.twig' --> <div class="field field--name-field-staff field--type-entity-reference-revisions field--label-above"> <div class="field-items-wrapper"> <div class="ind"> <a href="/people/michael-rosenbaum"> <div class="img" style="background-image: url('/sites/default/files/headshots/Michael-Rosenbaum_updated.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Michael Rosenbaum </div> <div class="title"> Research Methods &amp; Data Coordinator </div> </div> </a> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field--field-staff.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sample-size--rss.html.twig * field--node--rss--field-sample-size--template-g-details-flex.html.twig * field--node--rss--field-sample-size.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-sample-size--template-g-details-flex.html.twig * field--node--field-sample-size.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-sample-size.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-sample-size.html.twig * field--string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-sample-size field--type-string field--label-above"> <div class="field__label">Sample Size</div> <div class="field__item">approximately 21,000 teachers</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-timeline--rss.html.twig * field--node--rss--field-timeline--template-g-details-flex.html.twig * field--node--rss--field-timeline.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-timeline--template-g-details-flex.html.twig * field--node--field-timeline.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-timeline.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-timeline.html.twig * field--string-long.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-timeline field--type-string-long field--label-above"> <div class="field__label">Timeline</div> <div class="field__item">2014-2018</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-implemented-by-ipa--rss.html.twig * field--node--rss--field-implemented-by-ipa--template-g-details-flex.html.twig * field--node--rss--field-implemented-by-ipa.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-implemented-by-ipa--template-g-details-flex.html.twig * field--node--field-implemented-by-ipa.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-implemented-by-ipa.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-implemented-by-ipa.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-implemented-by-ipa field--type-list-string field--label-above"> <div class="field__label">Implemented by IPA</div> <div class="field__item">Yes</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-post-teaser-text--rss.html.twig * field--node--rss--field-post-teaser-text--template-g-details-flex.html.twig * field--node--rss--field-post-teaser-text.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-post-teaser-text--template-g-details-flex.html.twig * field--node--field-post-teaser-text.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-post-teaser-text.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-post-teaser-text.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-post-teaser-text field--type-text-long field--label-above"> <div class="field__label">Post Teaser Text</div> <div class="field__item"><p>Teacher experience is a key factor in student learning, but many schools in the United States experience high rates of teacher turnover—especially schools serving low-income communities.One reason that retention may be low in these schools is that student loan debt is a significant burden for teachers.As a result, federal loan forgiveness programs may be an effective way of retaining teachers, but many teachers do not take advantage of these programs.</p> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> Thu, 01 Mar 2018 19:16:51 +0000 Anonymous 32071 at https://poverty-action.org Nudging Consumers to Use Tax Refunds to Repay High-Interest Debt https://poverty-action.org/study/nudging-consumers-use-tax-refunds-repay-high-interest-debt <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--title--rss.html.twig * field--node--rss--title--template-g-details-flex.html.twig * field--node--rss--title.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--title--template-g-details-flex.html.twig x field--node--title.html.twig * field--node--template-g-details-flex.html.twig * field--rss--title.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <span class="field field--name-title field--type-string field--label-hidden">Nudging Consumers to Use Tax Refunds to Repay High-Interest Debt</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--uid--rss.html.twig * field--node--rss--uid--template-g-details-flex.html.twig * field--node--rss--uid.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--uid--template-g-details-flex.html.twig x field--node--uid.html.twig * field--node--template-g-details-flex.html.twig * field--rss--uid.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--uid.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <span class="field field--name-uid field--type-entity-reference field--label-hidden"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'username' --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> <span lang="" typeof="schema:Person" property="schema:name" datatype="">Anonymous (not verified)</span> <!-- END OUTPUT from 'core/themes/classy/templates/user/username.html.twig' --> </span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--uid.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--created--rss.html.twig * field--node--rss--created--template-g-details-flex.html.twig * field--node--rss--created.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--created--template-g-details-flex.html.twig x field--node--created.html.twig * field--node--template-g-details-flex.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field--rss--created.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <span class="field field--name-created field--type-created field--label-hidden">Tue, 01/23/2018 - 12:07</span> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'links__node' --> <!-- FILE NAME SUGGESTIONS: x links--node.html.twig x links--node.html.twig * links.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- END OUTPUT from 'core/themes/classy/templates/content/links--node.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-template-g-content-blocks--rss.html.twig * field--node--rss--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--rss--field-template-g-content-blocks.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks--template-g-details-flex.html.twig * field--node--field-template-g-content-blocks.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-template-g-content-blocks.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-template-g-content-blocks.html.twig * field--entity-reference-revisions.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-template-g-content-blocks field--type-entity-reference-revisions field--label-above"> <div class="field__label">Template G Content Blocks</div> <div class="field__items"> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-editor--default.html.twig * paragraph--sub-cb30-editor.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-editor paragraph--view-mode--default"> <div class="cb-text"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sub-editor--default.html.twig * field--paragraph--default--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--default--field-sub-editor.html.twig * field--paragraph--default--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor--sub-cb30-editor.html.twig * field--paragraph--field-sub-editor.html.twig * field--paragraph--sub-cb30-editor.html.twig * field--default--field-sub-editor.html.twig * field--default--sub-cb30-editor.html.twig * field--default.html.twig * field--field-sub-editor.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-sub-editor field--type-text-long field--label-above"> <div class="field__label">Sub Editor</div> <div class="field__item"><h2>Abstract</h2><p>While many low-income Americans have costly debt, they typically spend only a small proportion of their tax rebates to repay those debts. In partnership with Baltimore CASH, researchers are introducing postcards that encourage low-income tax filers to use their tax rebates to pay off debt, and varying the timing of postcard delivery, to evaluate the impact of these nudges on debt repayment.</p> <h2>Policy Issue</h2><p>Many Americans, especially those who are low- or middle-income, have costly debt in forms such as credit cards, late utility bills, and payday loans. In 2011, 69 percent of US households held some form of debt, and the poorest fifth had a median unsecured debt of US$5,000.<a href="#_ftn1" name="_ftnref1" title="" id="_ftnref1"><sup><sup>[1]</sup></sup></a><sup>,<a href="#_ftn2" name="_ftnref2" title="" id="_ftnref2"><sup>[2]</sup></a></sup> When debt becomes overly burdensome, households may either pay late or fail to pay at all, which adversely affects credit and can have implications for employment, housing, and insurance eligibility.<a href="#_ftn3" name="_ftnref3" title="" id="_ftnref3"><sup><sup>[3]</sup></sup></a> Thus it can be more advantageous for households to focus on reducing their debt before building up their assets.</p> <p>Tax rebates, whether via overpaid taxes throughout the year or programs like the Earned Income Tax Credit, may provide a sum of money that taxpayers can use to pay off part of their debt. Despite many people saying they plan to use some of their rebate to pay off debt, one study suggested that rebate recipients spend only 6 to 10 percent of their rebate on debt reduction (around US$35-50 as of 2008).<a href="#_ftn4" name="_ftnref4" title="" id="_ftnref4"><sup><sup>[4]</sup></sup></a> <a href="#_ftn5" name="_ftnref5" title="" id="_ftnref5"><sup><sup>[5]</sup></sup></a> Procrastination or limited attention might explain in part why taxpayers often do not act on these plans.<a href="#_ftn6" name="_ftnref6" title="" id="_ftnref6"><sup><sup>[6]</sup></sup></a> Can nudges to use tax refunds to pay off debt lead to higher debt repayment rates among low-income tax filers?</p> <h2>Context of the Evaluation</h2><p>Baltimore CASH Campaign is a non-profit that works to increase the financial security of low-income individuals and families. Their Volunteer Income Tax Assistance (VITA) program provides free tax preparation at around 18 different sites around the Baltimore area and serves around 9,000 households per year. This evaluation takes place among Baltimore-area residents who had their taxes prepared by Baltimore CASH in 2014. As part of their programming, Baltimore CASH sends yearly postcard reminders for clients to return to the VITA site for assistance in preparing their taxes.</p> <h2>Details of the Intervention</h2><p>Researchers partnered with Baltimore CASH to conduct a randomized evaluation that tested the impact of nudges to use tax rebates to pay off debt, in the form of postcards, on debt repayment.</p> <p>The research team randomly assigned 8,364 clients who filed a tax return with Baltimore CASH in the 2014 tax year to one of two postcards:</p> <ol><li><strong>Appointment reminder </strong>(4,181 people): These tax filers received the standard postcard sent by Baltimore CASH in early January reminding them: (a) of the services that Baltimore CASH offers and (b) to schedule an appointment to prepare their taxes with Baltimore CASH.</li> <li value="2"><strong>Appointment reminder plus debt payment encouragement</strong> (4,183 people): These tax filers received postcards in early January with the same information as the appointment reminder group, plus a simple encouragement to use a portion of their tax refund to pay off debt.</li> </ol><p>To examine the importance of timing of the nudges, in addition to the above postcard, 3,325 individuals were randomly assigned to receive an additional postcard in early March (two months later and near the time when tax refunds would be received). This postcard reminded them to use their tax refund to pay off debt and provided them with information about available credit counseling and debt management services.</p> <p>To measure the impact of these messages, researchers collected credit reports and survey data about a year to a year and a half after the postcards were sent, in December 2016 to May 2017.</p> <h2>Results and Policy Lessons</h2><p>Project ongoing; Results forthcoming.</p> <h2>Sources</h2><p> </p> <div id="ftn1"> <p><a href="#_ftnref1" name="_ftn1" title="" id="_ftn1">[1]</a> Vornovytskyy, M., Gottschalck, A., &amp; Smith, A. (2013). Household Debt in the U.S.: 2000 to 2011. United States Census Bureau. Accessed November 2, 2017. <a href="https://www.census.gov/content/dam/Census/library/working-papers/2014/demo/wealth-highlights-2011-revised-7-3-14.pdf">https://www.census.gov/content/dam/Census/library/working-papers/2014/demo/wealth-highlights-2011-revised-7-3-14.pdf</a>.</p> </div> <div id="ftn2"> <p><a href="#_ftnref2" name="_ftn2" title="" id="_ftn2">[2]</a> United States Census Bureau. (2013). Debt of Households: 2011. Wealth and Asset Ownership. Accessed November 2, 2017. https://www.census.gov/data/tables/2011/demo/wealth/wealth-asset-ownership.html.</p> </div> <div id="ftn3"> <p><a href="#_ftnref3" name="_ftn3" title="" id="_ftn3">[3]</a> Marques Benton, Stephan Meier, and Charles Sprenger, “Overborrowing and Undersaving: Lessons and Policy Implications from Research in Behavioral Economics,” Discussion Paper (Federal Reserve Bank of Boston, 2007). Accessed November 2, 2017. <a href="https://www.bostonfed.org/publications/community-development-discussion-paper/2007/overborrowing-and-undersaving-lessons-and-policy-implications-from-research-in-behavioral-economics.aspx">https://www.bostonfed.org/publications/community-development-discussion-paper/2007/overborrowing-and-undersaving-lessons-and-policy-implications-from-research-in-behavioral-economics.aspx</a>.</p> </div> <div id="ftn4"> <p><a href="#_ftnref4" name="_ftn4" title="" id="_ftn4">[4]</a> Marianne Bertrand and Adair Morse, “What Do High-Interest Borrowers Do with Their Tax Rebate?,” The American Economic Review 99, no. 2 (May 1, 2009): 418–23.Acessed November 2, 2017. <a href="https://doi.org/10.1257/aer.99.2.418">https://doi.org/10.1257/aer.99.2.418</a>.</p> </div> <div id="ftn5"> <p><a href="#_ftnref5" name="_ftn5" title="" id="_ftn5">[5]</a> Sumit Agarwal, Chunlin Liu, and Nicholas S. Souleles, “The Reaction of Consumer Spending and Debt to Tax Rebates—Evidence from Consumer Credit Data,” Journal of Political Economy 115, no. 6 (December 1, 2007): 986–1019. Accessed November 2, 2017. <a href="https://doi.org/10.1086/528721">https://doi.org/10.1086/528721</a>.</p> </div> <div id="ftn6"> <p><a href="#_ftnref6" name="_ftn6" title="" id="_ftn6">[6]</a> Jonathan Zinman, “Household Debt: Facts, Puzzles, Theories, and Policies,” <em>Annual Review of Economics</em> 7, no. 1 (2015): 251–76. Accessed November 2, 2017. <a href="https://doi.org/10.1146/annurev-economics-080614-115640">https://doi.org/10.1146/annurev-economics-080614-115640</a>.</p> </div> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub_cb30_editor.html.twig' --> </div> <div class="field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'paragraph' --> <!-- FILE NAME SUGGESTIONS: * paragraph--sub-cb30-date--default.html.twig x paragraph--sub-cb30-date.html.twig * paragraph--default.html.twig * paragraph.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> <div class="paragraph paragraph--type--sub-cb30-date paragraph--view-mode--default"> <div class="cb-date"> January 23, 2018 </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/paragraph/paragraph--sub-cb30-date.html.twig' --> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-content-type--rss.html.twig * field--node--rss--field-details-content-type--template-g-details-flex.html.twig * field--node--rss--field-details-content-type.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-content-type--template-g-details-flex.html.twig * field--node--field-details-content-type.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-content-type.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-content-type.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-content-type field--type-entity-reference field--label-above"> <div class="field__label">Details Content Type</div> <div class="field__items"> <div class="field__item"><a href="/case-studies" hreflang="en">Case Study</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-program-areas--rss.html.twig * field--node--rss--field-details-program-areas--template-g-details-flex.html.twig * field--node--rss--field-details-program-areas.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-program-areas--template-g-details-flex.html.twig * field--node--field-details-program-areas.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-program-areas.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-program-areas.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-program-areas field--type-entity-reference field--label-above"> <div class="field__label">Details Program Areas</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/166" hreflang="en">Financial Inclusion</a></div> <div class="field__item"><a href="/taxonomy/term/5466" hreflang="en">US Finance</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-topics--rss.html.twig * field--node--rss--field-details-topics--template-g-details-flex.html.twig * field--node--rss--field-details-topics.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-topics--template-g-details-flex.html.twig * field--node--field-details-topics.html.twig * field--node--template-g-details-flex.html.twig * 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field--node--rss--field-details-countries.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-countries--template-g-details-flex.html.twig * field--node--field-details-countries.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-countries.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-details-countries.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-details-countries field--type-entity-reference field--label-above"> <div class="field__label">Details Countries</div> <div class="field__items"> <div class="field__item"><a href="/taxonomy/term/112" hreflang="en">United States</a></div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-details-researchers--rss.html.twig * field--node--rss--field-details-researchers--template-g-details-flex.html.twig * field--node--rss--field-details-researchers.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-details-researchers--template-g-details-flex.html.twig * field--node--field-details-researchers.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-details-researchers.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig x field--field-details-researchers.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-researchers.html.twig' --> <div class="field field--name-field-details-researchers field--type-entity-reference field--label-above"> <div class="field-items-wrapper"> <div class="ind"> <a href="/people/dean-karlan"> <div class="img" style="background-image: url('/sites/default/files/2023-08/Dean-Karlan-Headshot-Photo-500px-Square.jpeg')"> </div> <div class="meta"> <div class="name notranslate"> Dean Karlan </div> <div class="title"> Northwestern University </div> </div> </a> </div> <div class="ind"> <a href="/people/jonathan-zinman"> <div class="img" style="background-image: url('/sites/default/files/2023-08/Jonathan-Zinman.png')"> </div> <div class="meta"> <div class="name notranslate"> Jonathan Zinman </div> <div class="title"> Dartmouth College </div> </div> </a> </div> <div class="ind"> <a href="/people/jeremy-burke"> <div class="img" style="background-image: url('/sites/default/files/headshots/JEREMY-BURKE.jpg_updated.jpg')"> </div> <div class="meta"> <div class="name notranslate"> Jeremy Burke </div> <div class="title"> University of Southern California </div> </div> </a> </div> </div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field--field-details-researchers.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-sample-size--rss.html.twig * field--node--rss--field-sample-size--template-g-details-flex.html.twig * field--node--rss--field-sample-size.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-sample-size--template-g-details-flex.html.twig * field--node--field-sample-size.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-sample-size.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-sample-size.html.twig * field--string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-sample-size field--type-string field--label-above"> <div class="field__label">Sample Size</div> <div class="field__item">8,364 tax filers</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-timeline--rss.html.twig * field--node--rss--field-timeline--template-g-details-flex.html.twig * field--node--rss--field-timeline.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-timeline--template-g-details-flex.html.twig * field--node--field-timeline.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-timeline.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-timeline.html.twig * field--string-long.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-timeline field--type-string-long field--label-above"> <div class="field__label">Timeline</div> <div class="field__item">2016-2017</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-implemented-by-ipa--rss.html.twig * field--node--rss--field-implemented-by-ipa--template-g-details-flex.html.twig * field--node--rss--field-implemented-by-ipa.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-implemented-by-ipa--template-g-details-flex.html.twig * field--node--field-implemented-by-ipa.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-implemented-by-ipa.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-implemented-by-ipa.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <div class="field field--name-field-implemented-by-ipa field--type-list-string field--label-above"> <div class="field__label">Implemented by IPA</div> <div class="field__item">Yes</div> </div> <!-- END OUTPUT from 'themes/custom/ipa/templates/field/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--field-post-teaser-text--rss.html.twig * field--node--rss--field-post-teaser-text--template-g-details-flex.html.twig * field--node--rss--field-post-teaser-text.html.twig * field--node--rss--template-g-details-flex.html.twig * field--node--field-post-teaser-text--template-g-details-flex.html.twig * field--node--field-post-teaser-text.html.twig * field--node--template-g-details-flex.html.twig * field--rss--field-post-teaser-text.html.twig * field--rss--template-g-details-flex.html.twig * field--rss.html.twig * field--field-post-teaser-text.html.twig x field--text-long.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> <div class="clearfix text-formatted field field--name-field-post-teaser-text field--type-text-long field--label-above"> <div class="field__label">Post Teaser Text</div> <div class="field__item"><p>While many low-income Americans have costly debt, they typically spend only a small proportion of their tax rebates to repay those debts.In partnership with Baltimore CASH, researchers are introducing postcards that encourage low-income tax filers to use their tax rebates to pay off debt, and varying the timing of postcard delivery, to evaluate the impact of these nudges on debt repayment.<br /> Many Americans, especially those who are low- or middle-income, have costly debt in forms such as credit cards, late utility bills, and payday loans.</p> </div> </div> <!-- END OUTPUT from 'core/themes/classy/templates/field/field--text-long.html.twig' --> Tue, 23 Jan 2018 17:07:19 +0000 Anonymous 31581 at https://poverty-action.org