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Individual Development Accounts
Building savings for the working poor with individual development accounts
To become self-sufficient, people with low incomes must have the opportunity to save money and build wealth. Individual Development Accounts (IDAs) have emerged as one of the most promising tools to enable low-income 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, in much the same way that tax mechanisms or retirement matches benefit wealthier people.
