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Savings Education: Learning the Value of Self-Control Patricia A. Hutton Canisius College James M. Holmes SUNY at Buffalo Citation: Hutton, P. A. & Holmes, J. M. (2005, April 22). Savings education: Learning the value of self-control. Education Policy Analysis Archives, 13(28). Retrieved [date] from http://epaa.asu.edu/epaa/v13n28/. This article was accepted by the previous Editor, Gene V Glass (1993-2004). Abstract This article proposes a funded school-based allowance and savings program targeted at economically disadvantaged students with poor educational outcomes to help poor children develop less present-biased time preference patterns so as to increase student effort and skills acquisition, avoid the pitfalls that pave the path of adolescence and move from poverty to middle class status as adults. Time orientation is associated with low educational investments, poor educational outcomes, out-of wedlock and teenage childbirth, criminality, and poverty, and nothing better characterizes the role of time preferences in distinguishing socioeconomic classes than attitudes and behavior with respect to money income. In poverty, money income is to be spent whereas in the middle class and the wealthy, money is to be managed and invested and children are taught the value of self-control and delayed gratification through the accumulation, savings and investment of regular allowances. We propose a model program parameterized in a way that children, given complete freedom of choice, should develop more future oriented preferences resulting in greater effort and skills acquisition in school, and the habits of conduct necessary for productive work life. Program cost, which cannot exceed program design, can be reasonably anticipated and is directly related to the benefit - the more that a child saves, the higher the cost, but the more likely that the child has acquired a future time orientation. We present evidence that even if the estimated maximum disbursements occurred and only a minimal percent of participating students changed their lives, the estimated benefits should outweigh disbursement costs. Access this article in PDF format.

The World Wide Web address for the Education Policy Analysis Archives is epaa.asu.edu Editor: Sherman Dorn, University of South Florida Production Assistant: Chris Murrell, Arizona State University General questions about appropriateness of topics or particular articles may be addressed to the Editor, Sherman Dorn, epaa-editor@shermandorn.com. The Commentary Editor is Casey D. Cobb: casey.cobb@uconn.edu. EPAA Editorial Board Michael W. Apple University of Wisconsin David C. Berliner Arizona State University Greg Camilli Rutgers University Linda Darling-Hammond Stanford University Mark E. Fetler California Commission on Teacher Credentialing Gustavo E. Fischman Arizona State Univeristy Richard Garlikov Birmingham, Alabama Gene V Glass Arizona State Univeristy Thomas F. Green Syracuse University Aimee Howley Ohio University Craig B. Howley Appalachia Educational Laboratory William Hunter University of Ontario Institute of Technology Patricia Fey Jarvis Seattle, Washington Daniel Kallós Umeå University Benjamin Levin University of Manitoba Thomas Mauhs-Pugh Green Mountain College Les McLean University of Toronto Heinrich Mintrop University of California, Los Angeles Michele Moses Arizona State University Gary Orfield Harvard University Anthony G. Rud Jr. Purdue University Jay Paredes Scribner University of Missouri Michael Scriven University of Auckland Lorrie A. Shepard University of Colorado, Boulder Robert E. Stake University of Illinois—UC Kevin Welner University of Colorado, Boulder Terrence G. Wiley Arizona State University John Willinsky University of British Columbia EPAA Spanish & Portuguese Language Editorial Board Associate Editors Gustavo E. Fischman Arizona State University & Pablo Gentili Laboratório de Políticas Públicas Universidade do Estado do Rio de Janeiro Founding Associate Editor for Spanish Language (1998—2003) Roberto Rodríguez Gómez Universidad Nacional Autónoma de México Argentina Alejandra Birgin Ministerio de Educación, Argentina       Email: abirgin@me.gov.ar Mónica Pini Universidad Nacional de San Martin, Argentina       Email: mopinos@hotmail.com, Mariano Narodowski Universidad Torcuato Di Tella, Argentina       Email: Daniel Suarez Laboratorio de Politicas Publicas-Universidad de Buenos Aires, Argentina       Email: daniel@lpp-buenosaires.net Brasil Gaudêncio Frigotto Professor da Faculdade de Educação e do Programa de Pós-Graduação em Educação da Universidade Federal Fluminense, Brasil       Email: gfrigotto@globo.com Vanilda Paiva       Email:vppaiva@terra.com.br Lilian do Valle Universidade Estadual do Rio de Janeiro, Brasil       Email: lvalle@infolink.com.br Romualdo Portella do Oliveira Universidade de São Paulo, Brasil       Email: romualdo@usp.br Roberto Leher Universidade Estadual do Rio de Janeiro, Brasil       Email: rleher@uol.com.br Dalila Andrade de Oliveira Universidade Federal de Minas Gerais, Belo Horizonte, Brasil       Email: dalila@fae.ufmg.br Nilma Limo Gomes Universidade Federal de Minas Gerais, Belo Horizonte       Email: nilmagomes@uol.com.br Iolanda de Oliveira Faculdade de Educação da Universidade Federal Fluminense, Brasil       Email: iolanda.eustaquio@globo.com Walter Kohan Universidade Estadual do Rio de Janeiro, Brasil       Email: walterko@uol.com.br Canadá Daniel Schugurensky Ontario Institute for Studies in Education, University of Toronto, Canada       Email: dschugurensky@oise.utoronto.ca Chile Claudio Almonacid Avila Universidad Metropolitana de Ciencias de la Educación, Chile       Email: caa@rdc.cl María Loreto Egaña Programa Interdisciplinario de Investigación en Educación (PIIE), Chile       Email: legana@academia.cl España José Gimeno Sacristán Catedratico en el Departamento de Didáctica y Organización Escolar de la Universidad de Valencia, España       Email: Jose.Gimeno@uv.es Mariano Fernández Enguita Catedrático de Sociología en la Universidad de Salamanca. 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