New asset development program now available to Carbon County residents.
For the second year in a row, the United States Department of Commerce is reporting that Americans spent more money than they earned and the national savings rate has plummeted to (-1) percent, its lowest levels since the great depression. Unlike many grandparents and great-grandparents who saved almost 10 percent of what they earned for retirement, today's generations are racking up credit card debt and depleting what little savings they do have. This combined with increases in living costs consistently outpacing the average salary of American wage-earners is a recipe for disaster.
In an effort to combat the downward savings trend, AAA Fair Credit Foundation is pleased to announce that courses for participation in the Individual Development Account (IDA) program, a component of its Utah Individual Development Account Network (UIDAN), will be available for the first time to Carbon County residents in April.
IDA's are three-to-one matched savings accounts where every $1 a participant saves, UIDAN adds another $3 toward the purchase of a productive asset. Qualified productive assets include first-time home purchases, start-up or growth of a small business, and post secondary or vocational education or training. Statewide, 93 individuals have opened accounts through the IDA program, saving over $40,000 of their own money and earning more than $120,000 in matched funds from UIDAN.
Through asset specific training, basic financial management courses, coaching from a personal case manager and asset restricted matched funding; Utah's low and moderate income populations can now level the playing field with their higher income counterparts. Thanks to UIDAN, a growing number of Utahns are actively working their way toward long-term financial stability.
These first classes in the Carbon County area are an exciting milestone for the IDA program and represent a collaborative effort of state and local community agencies dedicated to providing a better way of life for the individuals and families they serve.
Applicants to the IDA program must complete the required basic financial management training course before being accepted into the program. This free course will be taught by local Utah State University Cooperative Extension agent, Ellen Serfustini, on Apr. 4, 11, 18, and 25, from 6:30 to 8:30 p.m. in the small conference room of the courthouse located at 120 East Main in Price. Interested applicants must attend all four class sessions to be eligible for program participation.
Seating is limited and classes will be filled on a first come, first serve basis. For registration and additional information about UIDAN and the IDA program, please visit www.uidan.org or call 800-787-0727. For questions directly relating to class location and times, please contact Ellen Serfustini at 435-636-3236.