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It's an experiment that has worked well in Mexico where a government program pays poor families for changing certain behavior, helping to pull them out of the cycle of poverty. So Mayor Michael Bloomberg decided to try it as a pilot here in New York using private money. So far, it has not been an across the board success.

"I think we’ve learned some things not to do and we’ve learned some things that may in fact work," Bloomberg said.

To be sure, initial findings released Tuesday show some promise. Compared to a control group, those in the program were 16 percent less likely to live in poverty, and 41 percent more likely to have a bank account. The cash incentives also had positive health effects whereas families were much more likely to go the dentist, but less likely to go to the emergency room for routine care. But when it comes to education, there was only some effect on high schoolers and no effect at all on younger students.

"We’re gonna have to find some other ways to get middle school and elementary school kids to go to school, but this program didn't seem to make any difference," Bloomberg said.

Altogether there are some 2,400 families in the program; so far, the average family has earned about $3,000 a year -- all of which was funded by private donors.

The pilot program is currently in its third and final year. As of now, there are no plans in place to extend the program or to take it citywide with public dollars. However, the mayor left open the possibility that it could be revisited down the road.

"If there are really great benefits, then sure. And where do we get the money? Probably take it away from some of the old programs that aren’t working," Bloomberg said.

Researchers say they will continue to track families even after the program ends to see if any positive effects are lasting, and whether to recommend the program to other cities.