The State of Asset Building in Arkansas

This paper examines the five areas of the 2012 Assets and Opportunity Scorecard released by the Corporation for Enterprise Development (CFED) and underlines asset-building policy triumphs, deficiencies, and recommendations for Arkansas

Making the Case for Eliminating Asset Limits: Why Asset Limits Undermine Financial Security for Arkansans

In this brief, Southern Bancorp Community Partners' policy team presents the case for why Arkansas should enact legislation or create an administrative rule to eliminate asset limits on SNAP and TANF. This paper will provide a concise background on asset limits over the past two decades, highlight key research findings from the asset-building field, and offer recommendations on how and why Arkansas should abolish asset limits on SNAP and TANF

Turning A Cycle of Debt and Dependency into Financial Security: Rerouting Payday Loan Consumers in Mississippi

In this paper, Southern Bancorp Community Partners assesses the current payday lending environment in Mississippi; highlights the need for successful payday loan alternative products and strong asset building policies by showcasing lessons learned in Arkansas; provides recommendations for increased fiancial security for Mississippians, including payday lending reform; and, features a new alternative payday loan approach in Mississippi, the New Roots Credit Partnership, which is facilitated by the Mississippi Center for Justice through traditional financial institutions and employers throughout the state

Everybody Wins: Creating a Successful Prize-Linked Savings Program in Arkansas

The objective of this paper is to lay the foundation for Arkansas to enact legislation enanbling a prize-linked savings (PLS) program to exist in the state. In this report, Southern Bancorp Community Partners' policy team makes the case for why Arkansas should authorize the use of PLS programs thorugh the distributions channels of fnancial institutions or the Arkansas Scholarship Lottery. This brief will illustrate the purpose and effectiveness of PLS accounts, explain why a PLS program in Arkansas would be advantageous for the state and its people, and offer three PLS program alternatives for state policy consideration

Evaluating College Savings Plans: A Case Study on Arkansas and Mississippi

In an effort to improve family economic security in rural communities, Southern Bancorp Community Partners (SBCP) sought a sustainable funding source in 2013 for Arkansas's Aspiring Scholars Matching Grant (ASMG) Program, a savings incentive for low-to-moderate income families that matches funds saved for a child's college education in the 529 GIFT Plan, and investigated the possible creation of a matched 529 savings program in Mississippi. SBCP authored this paper to illustrate and examine the current options of college savings accounts offered in both states and analyze the causes behind low participation in each state's 529 plans

Leveraging Tax Time to Build Financial Capability: Research Evidence and Policy Directions

Over the past decade, a variety of initiatives have been implemented in the United States to facilitate saving and build financial security at tax time, including national experiments, pilot programs, and federal and state policies. Much progress has been made in encouraging tax filers, especially low- to moderate-income (LMI) tax filers, to save a portion of their refund. To expand upon the “golden moment” of saving at tax time, policymakers, practitioners, and researchers must now seek ways in which the lump sum of saving at tax time can serve to render tax filers capable of confidently managing their financial lives. During the 2016 tax season, thought leaders from government, policy, practice, foundations, and academia reviewed the latest research findings and discussed future possibilities of using tax time to catalyze household financial capability. The goal of the symposium was to provide opportunities for discovery and discussion across disciplines about ways LMI households can contribute to their economic security before, during, and after they file their taxes

The Volunteer Income Tax Preparer\u27s Toolkit: Showing Clients Why Tax Time Is the Right Time to Save

The Volunteer Income Tax Preparer\u27s Toolkit: Showing Clients Why Tax Time Is the Right Time to Sav

Frequently Asked Questions About the Features of Child Development Accounts in Israel

In November 2015, Israel enacted legislation to create and fund a Child Development Account program. Beginning in 2017, every baby born to an insured Israeli resident will receive a Child Development Account in his or her name. This Fact Sheet provides answers to frequently asked questions about the policy, which was developed in collaboration with researchers at the Center for Social Development

A Savings Account for Every Child Born in Israel: Recommendations for Program Implementation

In November 2015, Israel enacted legislation to create and fund a Child Development Account program. Beginning in 2017, every baby born to an insured Israeli resident will receive a Child Development Account in his or her name. This brief details the policy, which was developed in collaboration with researchers at the Center for Social Development, and offers recommendations to guide its implementation

Employee Financial Wellness Programs: A Review of the Literature and Directions for Future Research

This is a literature review of studies that have examined the implementation of financial wellness programs in the workplace. The review suggests that employee financial wellness programs (EFWPs) have drawn on both existing and new methods to improve the financial security of employees. Although a number of studies have been conducted on employer-based financial education and retirement planning, evidence concerning the efficacy of EFWPs is limited. Moreover, the methodological shortcomings of studies in the workplace financial wellness field have limited evidence concerning returns on investment and impeded efforts to make best-practice recommendations. Thus, researchers should consider strengthening the evidence base for EFWPs by using experimental evaluation designs, improving measurement, and enhancing the use of administrative data. By better understanding the features, attractiveness, and benefits of EFWPs, researchers can develop and rigorously evaluate well-designed programs with the potential for large-scale implementation