Ignite Creation Date:
2024-05-06 @ 7:43 PM
Last Modification Date:
2024-10-26 @ 3:13 PM
Study NCT ID:
NCT06119074
Status:
RECRUITING
Last Update Posted:
2024-01-22
First Post:
2023-10-31
Brief Title:
A Novel Unconditional Gifted Savings Program
Sponsor:
University of Pennsylvania
Organization:
University of Pennsylvania
Study Overview
Official Title:
Assessing the Impacts of a Novel Unconditional Gifted Savings Program
Status:
RECRUITING
Status Verified Date:
2024-01
Last Known Status:
None
Delayed Posting:
No
If Stopped, Why?:
Not Stopped
Has Expanded Access:
False
If Expanded Access, NCT#:
N/A
Has Expanded Access, NCT# Status:
N/A
Acronym:
None
Brief Summary:
The goal of this randomized control trial is to test the impacts of an unconditional Gifted Savings account of 2000 of assets 100 United States Dollars available upon enrollment 500 United States Dollars available for emergency use each year for two years on adults with household incomes of three times the Federal Poverty Level or less in Yellow Springs Ohio
Detailed Description:
Many lower to middle income families are unable to weather an unforeseen financial emergency Even in the best economic conditions the personal saving rate in the US is profoundly low just under 10 of disposable income The consequences are as follows
Some low to middle income families and particularly families of color and those headed by single women turn to alternative financial services pawn shops credit cards not paid in full high-interest loans and payday lenders to cover the financial shock Others turn to family and friends
Over time and with constrained financial resources some households are unable to pay back these alternative financial services resulting in substantial debt In the event these households turn to family and friends on a recurrent basis relationships and a persons sense of dignity worth and control over ones future are fractured
These financial conditions cause stress anxiety and other mental health issues that lock a person in the here and now--rationally occupied with the dire economic conditions of the present and unable to plan for the future This has a resultant impact on cognitive capacity hope for the future future savings and goals horizons and mental well-being
This randomized control trial is being conducted to evaluate a program created by Gifted Savings GS an experimental non-profit start-up GS is not a bank or an insured financial institution GS will issue accounts seeded with 2000 of assets in the form of cash Bitcoin andor stock the experimental study group n250 The control group n500 will not receive a GS account but will be invited to complete study surveys every six months for 36 months
For participants who receive a GS account the original value of the account is not guaranteed as assets may increase or decrease in value over time depending on market conditions After two years participants may withdraw the entire value of their GS account or choose to continue holding the assets in the GS account Assets may be held forever or until the GS non-profit ceases to exist GS funds are unconditional which means there are no restrictions or limitations on how the money can be spent Withdrawn funds will be available by check or direct deposit
Over three years researchers will measure the impacts of receiving a Gifted Savings account on
Psychological distress
Employment and income
Financial well-being
Agency and hope for the future
Material hardship
Savings behavior and horizons
Ability to manage financial shocks
Subjective financial knowledge
Cryptocurrency knowledge attitudes and behaviors
All participants will complete
A baseline survey
Follow-up surveys at 6- 12- 18- 24- 30- and 36-months after enrollment
Participants who receive a Gifted Savings account will
Register on the Gifted Savings website to claim their account
Hold their Gifted Savings account assets for at least two years
Some participants who receive a Gifted Savings account will also participate in an in-depth interview
Researchers will compare participants who receive a Gifted Savings account to participants who do not receive a Gifted Savings account to test the effects of receiving a Gifted Savings account on the above research questions
Some low to middle income families and particularly families of color and those headed by single women turn to alternative financial services pawn shops credit cards not paid in full high-interest loans and payday lenders to cover the financial shock Others turn to family and friends
Over time and with constrained financial resources some households are unable to pay back these alternative financial services resulting in substantial debt In the event these households turn to family and friends on a recurrent basis relationships and a persons sense of dignity worth and control over ones future are fractured
These financial conditions cause stress anxiety and other mental health issues that lock a person in the here and now--rationally occupied with the dire economic conditions of the present and unable to plan for the future This has a resultant impact on cognitive capacity hope for the future future savings and goals horizons and mental well-being
This randomized control trial is being conducted to evaluate a program created by Gifted Savings GS an experimental non-profit start-up GS is not a bank or an insured financial institution GS will issue accounts seeded with 2000 of assets in the form of cash Bitcoin andor stock the experimental study group n250 The control group n500 will not receive a GS account but will be invited to complete study surveys every six months for 36 months
For participants who receive a GS account the original value of the account is not guaranteed as assets may increase or decrease in value over time depending on market conditions After two years participants may withdraw the entire value of their GS account or choose to continue holding the assets in the GS account Assets may be held forever or until the GS non-profit ceases to exist GS funds are unconditional which means there are no restrictions or limitations on how the money can be spent Withdrawn funds will be available by check or direct deposit
Over three years researchers will measure the impacts of receiving a Gifted Savings account on
Psychological distress
Employment and income
Financial well-being
Agency and hope for the future
Material hardship
Savings behavior and horizons
Ability to manage financial shocks
Subjective financial knowledge
Cryptocurrency knowledge attitudes and behaviors
All participants will complete
A baseline survey
Follow-up surveys at 6- 12- 18- 24- 30- and 36-months after enrollment
Participants who receive a Gifted Savings account will
Register on the Gifted Savings website to claim their account
Hold their Gifted Savings account assets for at least two years
Some participants who receive a Gifted Savings account will also participate in an in-depth interview
Researchers will compare participants who receive a Gifted Savings account to participants who do not receive a Gifted Savings account to test the effects of receiving a Gifted Savings account on the above research questions
Study Oversight
Has Oversight DMC:
None
Is a FDA Regulated Drug?:
False
Is a FDA Regulated Device?:
False
Is an Unapproved Device?:
None
Is a PPSD?:
None
Is a US Export?:
None
Is an FDA AA801 Violation?:
None