Fannie Mae Resources

Individual Development Accounts for Youth: Lessons from an Emerging Field

by Inger Giuffrida (published by the Corporation for Enterprise Development and made possible through the support of the Fannie Mae Foundation)

Summary:

This resource is the result of a nationwide study, conducted by the Corporation for Enterprise Development, of youth Individual Development Account (IDA) programs and practitioners from similar youth development programs.  The purpose of the in-depth report is to identify effective practices and lessons learned in developing youth IDA programs.  IDA programs allow youth to receive matched savings that will go towards asset-building (such as continued education, business entrepreneurship, the purchase of computers, deposits for rent, etc.).  This resource is helpful for practitioners needing to make the case for youth IDA programs because it provides statistics, charts, and other data relevant to persuading funders of the value of enhanced financial literacy and savings practices among low-income youth.  It is also designed in such a way that it instructs new or experienced program directors in all areas of running an effective program.  Several appendices, including a census of 21 youth IDA programs and a list of online resources, also contribute to its applicability.

Why does FASTEN recommend this resource?

Although not explicitly faith-based, this resource is an essential first step to program directors new to the field of youth IDA programs, and it is a helpful supplement to those already directing programs.  By gaining a greater understanding of nationwide trends in low-income youth and the effects of their financial patterns, youth workers will be better suited to tailor their programs to the specific needs of their participants.