Using Individual Development Accounts (IDAs) To Sustain Homeownership and Foster Financial Skills, Practices, and Self-Efficacy
Now, more than ever, saving for a down payment and the sustainability of homeownership are crucial. This study presents data on an effective savings program for low-income individuals and families—Individual Development Accounts (IDA). In this study, 93% of the participants in
the intervention program reported making their mortgage payment without any difficulty, and 98% said that after paying their mortgage, they had enough money left for other non-shelter necessities. The study also showed statistical differences in financial skills and efficacy when IDA participants
were compared to a control group. The IDA group felt much more confident in their financial skills than did the control group and was more likely to set and achieve their financial goals.
Document Type: Research Article
Publication date: 01 June 2015
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