Evaluating the Effects of Child Savings Accounts Program Participation on Parental Well-Being

Objectives: Using baseline and second wave data, the study evaluated the impact of child savings accounts participation on parenting stress, personal mastery, and economic strain with N = 381 lower income parents who decided to join and those who did not join in a child development savings account program. Methods: Structural equation modeling for multiple group and time models was performed. Results: The degree of parenting stress at the first measurement occasion (M = 2.02, standard deviation [SD] = 0.34) was significantly different, Delta chi(2)(2, n = 381) = 28.30, p <.001, (at the .017 level; Bonferroni correction) from the second measurement occasion (M = 1.93, SD = 0.34); however, the effect size was in the small-to-medium range (d = .25). Conclusions: Participation in such programs does not negatively affect the well-being of parents. Implications are directed toward practice, policy, and research.