Classifieds Business Directory Jobs Real Estate Autos Legal Notices ePubs Subscribe Archives
Today is July 26, 2014
home news sports feature opinion fyi society obits multimedia

Front Page » October 21, 2010 » United Way Focus » Matched savings program helps low-income families achieve...
Published 1,374 days ago

Matched savings program helps low-income families achieve financial success


Print PageEmail PageShareGet Reprints

Salt Lake City, UT -- Every day in Utah, low and moderate income families are reaching their goals of self-sufficiency by participating in AAA Fair Credit Foundation's Utah Individual Development Account Network (UIDAN). The program is a multi-faceted financial education program designed to provide low-income Utah individuals and families with the opportunity, incentive, and institutional support necessary for them to save for and acquire productive assets that promise higher income, new wealth and long-term self sufficiency.

Through matched savings accounts, known as Individual Development Accounts or IDAs, low-wage workers put aside a portion of their monthly income and participate in ongoing, required financial management training. For every dollar a participant saves, up to $1,500, UIDAN pays $3. This means that those who complete the program can walk away with as much as $6,000 to use toward the purchase of one of four qualifying productive assets: a first home, college or vocational education, starting or growing a small business, or a work related assistive technology.

Troy, a current UIDAN participant, has been saving in the program since 2008. He plans to use his savings and earned match money to start a saddle and leather repair company. His ultimate goal is to better himself and his business and financial management skills in order to get off government benefits.

"Our work is based on the principles of responsible financial management. We reduce poverty by bringing basic economic understanding and skills to those who have little or no experience managing their limited assets," said Martha Wunderli, UIDAN State Director.

With support from United Way of Eastern Utah and other community partners including USU Extension, BEARS, Wabi Sabi, Southeastern Utah Community Development Corporation, Green River Epicenter, San Juan County Economic and Tourism Board, and local Small Business Development Centers, AAA Fair Credit Foundation has been able to expand the program into Carbon, Emery, Grand, San Juan, Uintah, Daggett and Duchesne counties. There are currently 21 active program participants in the Eastern Utah geographic footprint and to date, program graduates have purchased 2 homes, started or capitalized 7 small businesses, and 7 individuals have continued their college educations.

"It's truly amazing to see what people can accomplish when given the right supports," said Preston Cochrane, President and CEO of AAA Fair Credit Foundation. "Our IDA Savers consistently save at higher levels, in both percentage of income and frequency, than the national average. This has remained true even when our nation's economy as a whole has declined."

To learn more about UIDAN, find out if you qualify, and get connected with free financial workshops being offered in Eastern Utah, visit www.uidan.org or call 877-787-0727.

About AAA Fair Credit Foundation

AAA Fair Credit Foundation is an award-winning, nonprofit financial counseling agency that provides a variety of services designed to assist and educate the public in developing sound money management strategies for building secure financial futures. Services include the Utah Individual Development Account Network, free credit and debt counseling, debt management relief programs, financial education resources, foreclosure prevention counseling, credit report coaching, identity theft assistance and budget planning assistance. For more information, visit www.faircredit.org or call 800-351-4195.

Print PageEmail PageShareGet Reprints


Top of Page


 
Article Photos  
Browse / enlarge – (1 total)
Print photo(s) with article
Get photo reprints on CD
NOTE: To print only the article and included photos, use the print photo(s) with article link above.
Web Poll  
April 24, 2014
Do you think armed militia and individuals should have joined the protest last weekend concerning the removal of the cattle owned by Cliven Bundy from BLM land in Southern Nevada?
Yes
No
Don't know
Don't care

View Results


United Way Focus  
October 21, 2010
Recent Focus
Quick Links
Subscribe via RSS
Related Articles  
Related Stories



Best viewed with Firefox
Get Firefox

© Sun Advocate, 2000-2013. All rights reserved. All material found on this website, unless otherwise specified, is copyright and may not be reproduced without the explicit written permission from the publisher of the Sun Advocate.
Legal Notices & Terms of Use    Privacy Policy    Advertising Info    FAQ    Contact Us
  RSS Feeds    News on Your Site    Staff Information    Submitting Content    About Us