Chapter five is entitled "Toward Inclusive Ownership"; it outlines some concrete proposals for asset development for the poor, including tax changes, individual development accounts
, child savings accounts, and the recent American Saving for Personal Investment, Retirement, and Education Act (ASPIRE).
Bank of Hawaii offers Individual Development Accounts
(IDA), or matched savings accounts, to help participants learn financial management, obtain experience with the mainstream banking system, and save money.
Its programs and services include confidential financial guidance counseling, HUD-approved homebuyer education and foreclosure prevention counseling, debt management relief programs, financial literacy education and individual development accounts
The Bank's donation will assist members of the Financial Literacy program create individual development accounts
(where clients' deposits are matched by Community Action), take steps toward home ownership, and develop lifetime financial goals - with the overarching objective of helping each person become financially competent.
Individual development accounts
are sponsored savings vehicles in which the supporting organization matches a consumer's savings deposits and applies the funds toward a defined savings goal.
9, 2014): An article in Tuesday's City/Region section on Individual Development Accounts
offered by Springfield's Neighborhood Economic Development Corp.
Louis, "Long-Term Impacts of Individual Development Accounts
on Homeownership among Baseline Renters: Evidence from a Randomized Experiment"
ArtHome will offer Individual Development Accounts
that will encourage savings, allowing them to develop businesses to support their art-making.
One program, already implemented in some areas, involves the introduction of individual development accounts
(IDAs), which mirror individual retirement accounts (IRAs) in many respects.
Refunds could kind several kinds of accounts, including checking, savings, individual development accounts
, IRAs (traditional, Roth, and SEP), health savings accounts, Archer MSAs, and Coverdell education savings accounts.
Specific strategies would include financial counseling, workforce development, the development of matched Individual Development accounts
, and first-time home ownership programs.
In one Louisville neighborhood, the program helps families save and build assets through individual development accounts
and financial education.