The goal of the initiative is to design and test a low-touch, scalable intervention that can transform the tax-refund windfall into savings to improve financial security.
The intervention builds on existing infrastructure and integrates with normal financial behavior, so it can quickly and inexpensively be expanded to reach millions of American households.
The R2S initiative is designed to help us better understand the exact mechanisms that would convince individuals to divert money to savings and debt clearing at this golden moment.
The R2S initiative is designed to help us better understand the exact mechanisms that would convince individuals to divert money to savings and debt clearing at this golden moment.
The prompts are informed by behavioral economics principles and have been shown in prior research to significantly increase savings intention in lower-income taxpayers.
HFS participants will be sampled from those randomized in the In-Product Saving Offer and surveyed immediately after tax filing and again six months later.
Several policy, academic, and general interest publications will be produced detailing the impact of the experiment and findings from the research in each year.