The dependent variables in this study are two savings outcomes: average quarterly net savings
(AQNS) and total accumulation (accumulation). AQNS is participant’s (and/or caregiver’s) own net
savings per quarter, including net earnings. Specifically, AQNS is defined as all deposits plus interest;
less any fees, unmatched withdrawals, and incentives paid into accounts by SEED programs; per
quarter of participation in SEED. Accumulation is the total amount accumulated in the account at
December 31, 2007, including SEED incentives and any matched withdrawals already made. In
short, there are two main distinctions between AQNS and accumulation: (1) AQNS is a quarterly
measure, while accumulation is a cumulative measure, and (2) AQNS excludes incentives paid into
accounts by SEED programs, while accumulation includes these amounts.