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School-based Savings Programs, 1930-2002

As deregulation and liberalisation has led to the emergence of global financial markets, banks expanded their international operations and moved into multiple lines of financial business. They developed complex risk management strategies that have allowed them to price financial products and hedge their risk exposures in a manner that improves expected profits, but which may generate more risk and increase liquidity problems in certain circumstances. 9 The limited liability structure of most banks and financial firms, combined with the premium placed on shareholder profits, provides incentives for bank officers to undertake increasingly risky behaviour to achieve higher profits without. | Working Papers School-based Savings Programs 1930-2002 Ashley Cruce Working Paper 02-7 February 2002 Center for Social Development s Washington WASHINGTON UNIVERSITY-IN ST- LOUIS George Warren Brown School of Social Work School-based Savings Programs 1930-2002 Ashley Cruce Working Paper 02-7 February 2002 Center for Social Development George Warren Brown School of Social Work Washington University One Brookings Drive Campus Box 1196 St. Louis MO 63130 tel 314-935-7433 fax 314-935-8661 e-mail csd@gwbmail.wustl.edu http gwbweb.wustl.edu csd Introduction The purpose of this research is to identify historical precedents of school-based savings for contemporary asset-building policy and programs for children and youth. This is the second of two CSD Working Papers covering the history of school-based savings programs. The first paper covers the early history of school savings banking during the Progressive-era 1870-1930. This paper focuses on school-based savings programs from the early 1930s to contemporary times. Ultimately this research aims to discover how these historical and contemporary school-based savings programs were started and managed who has participated in them their underlying values their results and impacts and implications for future asset-based programs for children and youth. Starting where the first paper ended we examine School Savings Banks SSBs from the early 1930s to 1940. During the 1930s School Savings Banks SSBs experienced a slowdown due to economic hardship and distrust of banks after the 1929 stock market crash. Starting in the early 1940s the history of school-based banking dovetails with children s activities on the home front during the Defense period and later during World War II 1941-45 . During the war sponsoring banks converted many SSBs to programs for the sale of U.S. War Stamps and Bonds. Speaking at the National Institute on Education and War in 1941 President Roosevelt asked .that every school house become a service center for