EARN is a leading nonprofit provider of microsavings programs in the US. EARN commissioned a Randomized Controlled Trial (RCT) to measure the impacts of TripleBoost, a program designed to help working families save for their children’s education. The primary goal of the RCT was to understand how the first 6 months of TripleBoost participation influences the amount of money that families save for their children’s education.
To answer this question, the study randomly placed qualified TripleBoost applicants into Treatment and Control groups, where the Treatment group immediately began participation in TripleBoost, and the Control group was placed on a 6‐month waiting list. Families were asked a series of questions at the time of application and on a 6‐ month follow‐up survey. Actual deposit data from families in the Treatment group also was analyzed.
RCT findings reveal that during the 6‐month study period, TripleBoost families saved an average of $681 for their children’s education, more than 10 times the average amount saved by families in the Control group. A majority of families in the Control group saved $0 during the study period, while 90% of TripleBoost families saved $500 or more. The results are statistically significant. Thus, EARN’s TripleBoost program effectively drives families to set aside 10x more in savings for their children’s education than they would save without the program.