Table 1.
Sample Characteristics of SSP Participants
| Variable | Statistics | |
|---|---|---|
| Program Duration (%) | ||
| 12 months or less | 36.2 | |
| 13-24 months | 17.4 | |
| 25-36 months | 16.7 | |
| 37-48 months | 12.8 | |
| 49 months or more | 16.9 | |
| Female (%) | 58.7 | |
| Age: (%) | ||
| 29 or younger | 4.9 | |
| 30-39 | 6.7 | |
| 40-49 | 18.9 | |
| 50-59 | 38.3 | |
| 60 or older | 31.2 | |
| Education (%) | ||
| Less than High School | 39.0 | |
| High School degree | 47.4 | |
| College or above | 13.6 | |
| Future Orientation, Mean (SD†) | 3.31 | (0.63) |
| Financial Capability, Mean (SD†) | 3.27 | (1.92) |
| Financial Conflicts, Mean (SD†) | 2.43 | (1.11) |
| Credit Default (%) | 17.4 | |
| Family Size (%) | ||
| 1 person | 47.4 | |
| 2 people | 25.6 | |
| 3 or more people | 27.0 | |
| Marital Status (%) | ||
| Never married | 23.5 | |
| Divorced/separated | 38.5 | |
| Widowed | 12.0 | |
| Currently married | 26.0 | |
| Family Income KRW†† | ||
| Mean | 1,300,000 | |
| Median | 1,200,000 | |
| Housing (%) | ||
| Homeowner | 14.0 | |
| Rent, Jeonse | 10.2 | |
| Rent, Wolse | 34.0 | |
| Public housing | 29.4 | |
| Others | 12.4 | |
| Program Characteristics (%) | ||
| Market-ntry Job (%) | 30.0 | |
| Public Assistance Recipient (%) | 63.0 | |
Figure 1.
Savings Outcomes among SSP Participants
Table 2.
Results of Multinomial Logit Regression Examining Savings Patterns of SSP Participants
| Variable | IDA Savings Only | Private Savings | Both IDA and | |||
|---|---|---|---|---|---|---|
| Coef. | SE | Coef. | SE | Coef. | SE | |
| Program Duration | ||||||
| 13-24 months | 0.43 | (0.28) | -0.10 | (0.29) | 0.56 | (0.30) |
| 25-36 months | 1.07** | (0.27) | 0.22 | (0.29) | 1.36** | (0.29) |
| 37-48 months | 1.48** | (0.28) | 0.34 | (0.32) | 1.21** | (0.33) |
| 49 months or more | 1.80** | (0.26) | 0.07 | (0.32) | 0.96** | (0.32) |
| Individual Characteristics | ||||||
| Female | 0.25 | (0.20) | 0.13 | (0.23) | 0.54* | (0.24) |
| Age | ||||||
| 30-39 | -0.30 | (0.54) | 1.12 | (0.63) | 1.78* | (0.74) |
| 40-49 | 0.05 | (0.44) | 1.02 | (0.59) | 1.54 | (0.70) |
| 50-59 | -0.11 | (0.44) | 0.38 | (0.59) | 1.51 | (0.70) |
| 60 or older | -0.10 | (0.48) | 0.72 | (0.62) | 1.55** | (0.73) |
| Education | ||||||
| High School degree | 0.31 | (0.21) | -0.27 | (0.24) | 0.50* | (0.24) |
| College or above | 0.49 | (0.30) | 0.11 | (0.32) | 0.75** | (0.33) |
| Future Orientation | 0.22 | (0.15) | 0.46** | (0.18) | 0.11 | (0.18) |
| Financial Capability | 0.09 | (0.05) | 0.34 | (0.06) | 0.37** | (0.06) |
| Financial Conflicts | -0.09 | (0.09) | 0.07 | (0.10) | 0.11 | (0.10) |
| Credit Default | -0.52* | (0.26) | -1.14** | (0.36) | -0.06 | (0.27) |
| Family Characteristics | ||||||
| Family Size | ||||||
| 2 people | 0.15 | (0.24) | 0.22 | (0.27) | 0.58* | (0.27) |
| 3 or more | 0.35 | (0.28) | 0.02 | (0.34) | 0.77* | (0.32) |
| Marital Status | ||||||
| Never married | 0.22 | (0.33) | 0.28 | (0.39) | 0.38 | (0.38) |
| Divorced/separated | 0.29 | (0.25) | 0.26 | (0.30) | 0.33 | (0.28) |
| Widowed | -0.03 | (0.33) | 0.39 | (0.36) | 0.13 | (0.38) |
| Family Income (Log) | -0.52 | (0.42) | 0.23 | (0.48) | 0.08 | (0.46) |
| Housing | ||||||
| Rent, Jeonse | -0.09 | (0.35) | -0.33 | (0.41) | -0.04 | (0.43) |
| Rent, Wolse | -0.37 | (0.28) | -0.23 | (0.32) | 0.15 | (0.34) |
| Public Housing | 0.04 | (0.29) | 0.04 | (0.33) | 0.33 | (0.34) |
| Other | -0.40 | (0.35) | -0.32 | (0.38) | -0.36 | (0.42) |
| Program Characteristics | ||||||
| Program Type: Market-Entry | 0.55** | (0.20) | 0.23 | (0.22) | 0.45* | (0.22) |
| Public Assistance Recipient | -0.19 | (0.20) | -0.11 | (0.22) | -0.31 | (0.22) |
| Constant | -0.27 | (2.22) | -5.80* | (2.58) | -6.91** | -2.51 |
Figure 2.
Predicted Probabilities of Savings Outcomes by SSP participation length