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Published on May 22, 2012
Boshara and Garon are joined by Michael Sherraden, founder and director of Washington University's Center for Social Development, and William Emmons, assistant vice president and chief economist with the St. Louis Fed's Household Financial Stability Project. They discuss a variety of topics, including youth savings accounts at schools, the importance of teaching financial literacy to young people, and why financial institutions should recognize the need and value of programs for low-income savers. And while a rise in the national savings rate can dampen economic growth (the paradox of thrift), a rise in household savings will not have the same negative impact.