A growing number of individuals and families with low incomes are learning about money management and planning for a stronger financial future through the Assets for Independence (AFI) program. Families who participate in this program have access to special bank accounts called Individual Development Accounts, or IDAs, where their savings are matched by a combination of Federal funds and nonfederal contributions. Participants use their savings and the match funds to save for a long-term economic asset such as a first home, pursue postsecondary education or training, or start or expand a small business.
There is no "average" participant in this program: each differs in background, skills, and challenges. What they do share is a determination to make the most of a few dollars from each small paycheck. They also share an intensive educational process designed to increase their knowledge of finances and money management. By the time participants purchase an asset with their IDA savings, they are well on their way to being economically self-sufficient for the long-term. This is good for them and great for their communities.
Click on the following links to meet just a few of the individuals who have participated in the AFI Program and used an IDA—and their knowledge of money management—to secure their families' economic futures.
- A Blossoming Business (Tammey Faford)
- A Home to Call Their Own (David Kuegah-Toyo)
- Building a Business from the Ground Up (Darcy Densmore)
- First Things First (Donna Leisinger)
- It Pays to Listen to Your Wife (Jose & Maria Peña)
- With Whipped Cream and A Cherry on Top (Shawn Turnley)