Improving Participation in College Savings Accounts: Evidence from Illinois

Last registered on November 02, 2023
View Trial History

Pre-Trial

Trial Information

General Information

Title
Improving Participation in College Savings Accounts: Evidence from Illinois
RCT ID
AEARCTR-0012055
Initial registration date
September 18, 2023

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
October 02, 2023, 3:31 PM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Last updated
November 02, 2023, 3:51 PM EDT

Last updated is the most recent time when changes to the trial's registration were published.

Locations

Country
United States of America
Region
Illinois

Primary Investigator

Name
GUGLIELMO BRISCESE
Affiliation
The University of Chicago
Contact Primary Investigator

Other Primary Investigator(s)

Additional Trial Information

Status
In development
Start date
2023-09-18
End date
2024-12-01
Keywords
Behavior, Education, Finance & Microfinance
Additional Keywords
College savings accounts; human capital investment; administrative burden
JEL code(s)
D14; D04; D10
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
This study addresses accessibility gaps in higher education by examining the effectiveness of financial incentives to increase participation into 529 college savings plans. The research employs a randomized trial to analyze the impact of different incentive amounts compared to an information-only group. The study’s findings will provide novel evidence on whether upfronting financial benefits can improve participation into available programs that increase social mobility, especially among lower income households, and will also offer insights for policymakers seeking to enhance economic equity through savings interventions.
External Link(s)

Registration Citation

Citation
BRISCESE, GUGLIELMO. 2023. "Improving Participation in College Savings Accounts: Evidence from Illinois ." AEA RCT Registry. November 02. https://doi.org/10.1257/rct.12055-1.1
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
We will test the effectiveness of different financial incentives in increasing participation and contributions into college savings accounts.
Intervention Start Date
2023-09-19
Intervention End Date
2023-12-01

Primary Outcomes

Primary Outcomes (end points)
Sign up rates, Sign up rate by income group, Cumulative contributions at months 1, 6, and 12 (net of seeding), Cumulative contributions at months 1, 6, and 12 (net of seeding) by income group.
Primary Outcomes (explanation)
See analysis plan.

Secondary Outcomes

Secondary Outcomes (end points)
See analysis plan.
Secondary Outcomes (explanation)
See analysis plan.

Experimental Design

Experimental Design
See analysis plan.
Experimental Design Details
Not available
Randomization Method
Randomization done in office by a computer.
Randomization Unit
We will randomize at the individual level.
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
0
Sample size: planned number of observations
Between 7,500 and 700,000, to be determined based on staggered roll-out power analysis.
Sample size (or number of clusters) by treatment arms
See analysis plan.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
See analysis plan.
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
University of Chicago
IRB Approval Date
2023-09-11
IRB Approval Number
IRB23-1275
Analysis Plan

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