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KMID : 1001320210480030153
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Social Welfare Policy
2021 Volume.48 No. 3 p.153 ~ p.170
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Policy Effects of an Asset-Building Program on Low-income Young Adults in South Korea - Focusing on the Gwangju Metropolitan City 13 (Work+Life) Savings Account -
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Jang Dong-Ho
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Abstract
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Asset-building programs have been widely expanding for low-income young adults since 2015 in South Korea. However, the effects of such programs on low-income young adults have not been examined based on a rigorous research design. This study analyzed the policy effect of the Gwangju Metropolitan City 13 (work+life) Savings Account, a 10-month small asset-building program in Gwangju Metropolitan City, using the posttest-only control-group design. The data used in the study were collected from both 787 participants (treatment group; Wave 4-5) in the 13 (work+life) savings account and randomly selected 400 non-participants (control group) out of the 13 (work+life) savings account.
The main results of this study with the independent sample t-test and multiple regression analysis are as follows. First, the monthly savings and total savings of the experimental group in the 13 (work+life) savings account increased during the 10 month period of the program; however, the difference in total savings excluding savings match between the treatment and the control group was statistically insignificant. Second, the 13 (work + life) savings account helped the participants in setting up spending plans and managing credit and debt. Forth, the stronger the financial capabilities of the 13 (work + life) account, the greater the increase in total savings. The results of this study derived from a 10-month asset-building program cannot be generalized to other two to three years or longer term asset-building programs. However, the study suggested that the expansion of financial capability programs are crucial for making asset-building programs better effective.
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KEYWORD
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young adult, savings, asset-building, individual development account, financial capability
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