IDAs: Individual Development Accounts
Individual Development Accounts or IDAs are matched savings accounts that enable low-income American families to save, build assets, and enter the financial mainstream.
Individual Development Accounts (IDAs) are emerging as one of the most promising tools to enable low-income and low-wealth American families to save, build assets, and enter the financial mainstream. IDAs reward the monthly savings of working-poor families who are trying to buy their first home, pay for post-secondary education, or start a small business. Additionally, some IDA programs allow participants to save for home repairs, computers, automobiles, or retirement.
These matched savings accounts are similar to 401(k) plans and other matched savings accounts but can serve a broad range of purposes
IDAs reward the monthly savings of working-poor families who are building towards purchasing an asset - most commonly buying their first home, paying for post-secondary education, or starting a small business. IDAs make it possible for low-income families to build the financial assets they need to achieve the American Dream.
The match incentive contributions - is provided through a variety of government and private sector sources. Organizations that operate IDA programs often couple the match incentive with financial literacy education, training to purchase their asset, and case management.
For basic information on IDAs ie
Visit the following site : idanetwork.org
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