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Cost-Effectiveness in Individual Development Accounts

Guat Tin Ng

Michael Sherraden

Washington University in Saint Louis

Because resources are limited, the benefits and costs of social-work interventions—like all interventions—must be compared with the benefits and costs of alternatives. Evidence-based practice should ask, What works? How well does it work? And what does it cost? This article analyzes the provision of Individual Development Accounts (IDAs) with a new cost-effectiveness framework meant to help make assumptions and judgments explicit. In the specific IDA program examined, 1 month of services for 1 participant costs about $64. The mere existence of a cost figure— regardless of whether it is seen as high or low—has sparked many questions in the IDA community: How can costs be reduced without sacrificing quality? Which features of IDAs are essential? Are IDAs worth it? This sort of healthy questioning is precisely the purpose of cost-effectiveness analysis in social-work practice.

Key Words: individual development accounts • matched savings • cost-effectiveness

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