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Previous research has found that individuals frame savings for short-term and long-term uses. These findings are reinforced through in-depth interviews with 59 participants and 25 controls in an experiment testing the effects of Individual Development Accounts (IDAs). All respondents are from low-income households. IDA participants appear more likely than control respondents to earmark savings for long-term purposes and asset investments. This could be interpreted as a result of the institutional saving structure provided through the IDA program. IDA participants are presented with savings goals, which they believe are made attainable through conveyed expectations, matching funds, financial information, and staff facilitation. Interviews suggest that savings may lead to psychological, behavioral, and economic effects. Future research can explore the distinct and marginal effect that each institutional dimension has on savings over the long term and the effects of savings on family well being.

AbstractThis paper explores experimental impacts of in‐school banking and marketing outreach on the savings performance of youth in Ghana. Findings suggest that youth in treatment schools performed better than those in control schools in terms of account opening, depositing and savings. Between the two treatment conditions, in‐school banking was more effective than marketing outreach in promoting savings. These findings demonstrate that a meaningful proportion of low‐income youth, in a resource‐limited country, can be connected to formal financial services and save if access and opportunities are available. The results support the offering of financial services at schools as a strategy to expand youth financial inclusion. Copyright © 2017 John Wiley & Sons, Ltd.