Getting Results

• In the past decade, nationally, thousands of low-income families use IDAs to save, invest and make purchases to better their lives. Assets provide security for families and something of lasting value that can be passed on to children. Research shows that financial literacy training, savings and IDAs help families move up from poverty by starting businesses, purchasing homes and gaining advanced education. These studies demonstrate that even the lowest income participants can save for their future.
• Commerce used a one time investment of $3.6 million in WorkFirst funds (TANF - Temporary Aid to Needy Families) to pilot IDAs from 2000 until 2004, helping nearly 260 (former welfare eligible) families save for and purchase assets – 138 bought homes and 73 started small businesses.
• Other outcomes: 543 individuals graduated from financial literacy training, account holders saved $565,749 of their earnings to leverage and borrow $17,125,575 towards purchasing their homes.