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College ChoicesThe Economics of Where to Go, When to Go, and How to Pay for It$
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Caroline M. Hoxby

Print publication date: 2004

Print ISBN-13: 9780226355351

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226355375.001.0001

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Education Savings Incentives and Household Saving

Education Savings Incentives and Household Saving

Evidence from the 2000 TIAA-CREF Survey of Participant Finances

Chapter:
(p.169) 4 Education Savings Incentives and Household Saving
Source:
College Choices
Author(s):

Jennifer Ma

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226355375.003.0005

The introduction of education savings programs is only one of the government's interventions in the capital market for higher education investments. Using wealth data from a survey of TIAA-CREF participants, this chapter examines whether education savings programs offset other household savings, controlling for saver heterogeneity. Results suggest that, in general, education saving does not seem to offset other forms of household saving. For households with a high likelihood of using education savings accounts, education saving seems to be positively correlated with other household assets. The chapter also describes the 529 plan and the recently renamed Coverdell Education Savings Account and provides a brief summary of the Education Individual Retirement Account (IRA) and 401(k) literature. Finally, it discusses the empirical strategies used to identify savers from non-savers.

Keywords:   education savings programs, capital market, higher education, investments, household savings, 529 plan, Coverdell Education Savings Account, Individual Retirement Account, savers, non-savers

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