Invest In Yourself
Individual Development Accounts (IDAs) are matched savings accounts that help low-income individuals acquire a first home, capitalize a small business, or invest in higher education or training. A savings of $1,500 can be matched 3:1. Match dollars are provided by a combination of public and private funds.

Building Savings and Futures
IDAs make it possible for low and moderate income families to learn and develop solid money management skills and build the financial assets they need to achieve long-term financial stability. Families that acquire productive assets are more economically secure, have more options in life, and can pass on status and opportunities to future generations. In addition, these assets have positive social, psychological, and civic effects that are independent of the effects of income.

Financial Management Training
While the match savings account is the centerpiece of an IDA, the program has several other components which make it a successful program including training, counseling, case management, and financial education. Participation in the program requires 8 hours of financial education training. Classes focus on self assessment, goal setting, debt reduction, budgeting, saving, consumer awareness, understanding investments, and measuring personal growth and commitment. Also required are classes on the specific asset that the participant is planning to acquire, such as homebuyer education or business plan development. Classes are held at a variety of community partner locations throughout Utah.

JN is a 35 year old single mother with an 11 year old child who worked two jobs but still fell well below 200% of the federal poverty level. She completed basic financial management classes and asset specific training in all of UIDAN’s three approved asset areas before deciding to return to college. With the help of UIDAN and scholarships taking care of tuition, she earned a 3.85 GPA in her first semester.

More Successes...

Click here to apply for an IDA now.

Click here to view and register for the required IDA Financial Management Training classes.

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