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learn$ave Project: Final Reportand $359) or a small amount (between $360 and $1,499)in matched credits. A little more than one-quarter (28.2per cent) withdrew a moderate amount of matchedcredits ($1,500 or more but less than the maximum).Finally about a third (32.6 per cent) of all participantswithdrew the maximum matched credits available withinthe project rules.An analysis of the characteristics of participants whomade use of the matched withdrawals they had accumulated(Figure 5.9) suggests that those with higher levels ofprior education when they entered the project were morelikely to make use of credits they were entitled to. This isnot surprising given that education was also associatedwith higher rates of saving during the saving period(recall Figure 5.4) and those with higher savings shouldbe expected to have better access to matched credits asper the design of the matching accounts. Interestingly,participants with matched credits were as likely to haveincomes at the very lowest as the very highest ends of therange in the project.Patterns of saving and matched withdrawalsThe average amount of matched credits used rose directlywith the dollar amount of savings during the savingperiod and the likelihood of not using matched creditsearned declined. Figure 5.10 compares participants withdifferent peak savings levels by the average amount oftheir own earned matched credits used. This analysismakes the results less sensitive to the impact of thedollar value of the credits earned since there is no clearreason to expect a priori that participants who earned$360 dollars in matched credits (the lowest amountthat could be earned at the lowest eligible savings level)should be any more or less likely to use up all creditsthan participants who earned $4,500 in matched credits.This analysis also excludes the “unsuccessful” savers whosaved less than $120 and did not qualify for any matchedcredits.Those participants identified in the previous sectionas “early savers” (reaching the maximum by month 18)were the most likely to use their matched credits using anaverage of $0.76 for each $1 in matched credits earned (asshown in Figure 5.10(a)) and were the least likely to leaveearned matched credits unused (11.7 per cent) (as shownin Figure 5.10(b)). This is consistent with the suggestionthat these participants may have had a particularlystrong motivation to make the most use of the learn$avefinancial incentive. The “determined savers” (reaching themaximum past month 18) were, like the “early savers,”also “high investors” and were the next most likely tomake maximum use of their matched credits (using anaverage of $0.71 for each $1 in matched credits earned)Table 5.5 learn$ave Matched Withdrawals 1 , Over 48 Months,Program Group ParticipantsAmong all participantsProportion of all participants who used any matched credits 66.1at all (%)Proportion of all participants who used no matched creditsat all (%)Distribution of the matched credits used (%):but over one in six of these participants (17.2 per cent)left all of their matched credits unused. At the other end,“struggling” participants (with peak savings of $120-999.99), who saved enough to qualify for matched creditsbut in relatively low amounts, were least likely to use theown matched credits available to them (using on averagejust $0.12 for each $1 saved) and almost two-thirds ofthese participants (64.2 per cent) did not use any of theirearned matched credits at all.Putting together the information on saving, dissaving,and matched credit use suggests the typology oflearn$ave account use (presented in Table 5.6), whichis an expansion of the patterns described earlier in this33.9▪ ▪ $0 33.7▪ ▪ $1 to $359.99 0.8▪ ▪ $360 to less than $1,500 4.6▪ ▪ $1,500 to less than $3,000 11.2▪ ▪ $3,000 to less than $4,450 17.0▪ ▪ $4,450 to $4,500 (the maximum 2 ) 32.6Average number of matched withdrawals 2.9Average matched credits used per participant ($) 2,435Proportion who used all matched credits earned (%) 3 37.2Among those eligible for matched creditsProportion who were eligible for matched credits and usedany at all (%)Proportion who were eligible for matched credits but used$0Among those who withdrew creditsAverage number of months it took to make first matchedwithdrawal80.219.8Average number of matched withdrawals 4.3Average number of months with matched withdrawals 3.3Average amount withdrawn per matched withdrawal ($) 1,988Average amount withdrawn per person over the period ($) 3,678Sample size 2,388Source:Note:9.8Participant Management Information System and BaselineSurvey1Due to correction of records in the PMIS, some figures maydiffer slightly from those previously published.2Participants who used $4,450 or more matched credits areconsidered to have used the maximum amount.3Among those who saved.Social Research and Demonstration Corporation Chapter 5 | 57