Yes, Poor People Do Save

One of the most common myths in economic and poverty policy is that low and moderate-income people can’t or won’t develop financial assets. However, evidence from a wide variety of successful pilot projects from around the U.S. shows that, like wealthy families, low-income families can and do save when appropriate incentives and savings products are in place. Tactics like integrating savings tools into social support programs, providing financial education, matching savings, and even simple changes like allowing a savings check-off on tax forms, have yielded positive effects for low- and moderate-income families.

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