CIR collaborated with the Center for Economic Progress in a study of participants in the federally funded First Accounts program, which offers financial education workshops and assistance with opening bank accounts to low income people. CIR conducted in-depth interviews with 77 workshop participants about household income, expenses and experiences with banks and other financial services. The survey data provide information about barriers to banking and savings. The results will be used for developing financial education curriculum and advocating for improvements in banking services.

For further information, contact Lise McKean at lmckean@impactresearch.org.

Project Publications

Money Management by Low-Income Households:
Earning, Spending, Saving, and Accessing Financial Services
August 2005
This report presents findings from interviews with low-income participants in the First Accounts Program, and discusses their household finances, experiences with banks and other financial services, and barriers to banking and saving.
Executive Summary
Full Report