IDA Savings

Why IDA Savings?
Opportunity Fund’s work is based on the powerful idea that assets — a home, a business, an education — are key to helping families climb out of poverty.  These assets can be passed from one generation to the next and serve as a point of stability in tough times. Until a family builds assets, savings, and the ability to make informed financial decisions, they are just one paycheck away from sliding into poverty. Yet 50% of Americans say they can’t afford to save, and it’s especially tough for the low-wage earner.

How Does It Work?
Individual Development Accounts, or IDAs, are matched accounts — like a 401(k) — that help low income families build savings for the future.

IDA savers go through a comprehensive money management and financial education training process and then begin to save a minimum of $20 a month.  We then match $2 for every $1 a person saves towards their asset goal.  Our IDA savers can use their savings and match money to build assets that can lift them and their children out of poverty — buying a home, paying for college, or starting and growing a small business.

At the end of two years, our client earns up to $6,000.

What Are The Results?
Loans and credit are only one side of microfinance services. With savings products, we are giving people the means and know-how to build assets.  IDA Savers:

• Continue to save
• Invest in assets
• Create a habit of savings for their children

Social Impact: See the facts and figures