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Developing a Standard Savings Product for IDA Growth
Publication Date: February 2007
Publisher(s): National Economic Development and Law Center (U.S.)
Author(s): LaVerne Gardner; Roger Clay; Brad Caftel; Betsy Baum
Funder(s): Charles Stewart Mott Foundation
Funder(s): Charles Stewart Mott Foundation
Topic: Banking and finance (Personal finance and saving)
Type: Report
Abstract:
Explores the creation of a standard, universal, and progressive savings product that promotes asset building and includes people with low incomes.
Individual Development Accounts are matched savings accounts designed to help low-income and low-wealth people save regularly and acquire assets. IDA participants' savings and match funds are restricted to investments in financial and productive assets, such as a first-time home, a small business, post-secondary education, or an automobile. Administered by non-profit organizations or public entities, the IDA is accompanied by financial education, asset-specific education, case management, and financial counseling.