Washington State Individual Development Program
March 5, 2011 // 0 CommentsAs individuals and families struggle with our economic downturn, the importance of financial fitness and savings has become amplified. Asset building is defined as “engaging in long-term saving and investment behavior as a means to increasing financial independence.
It provides low and moderate-income families with financial education and tangible incentives to save– conditions which cultivate upward economic mobility. In Washington State, asset building includes promotion and incentives for saving and banking, home ownership, individual development accounts, microenterprise development, financial education and counseling, and affordable financial services and products.
Since 2006, an array of private, public and non-profit organizations in Washington state have joined together to improve savings and financial skills, behaviors and outcomes for working families. These groups are members of the statewide Washington Asset Building Coalition (WABC) and 19 local coalitions who are using their collective resources to start and expand asset building services in their communities. WABC has focused the attention of leaders and private and public organizations across the state on the need to integrate financial fitness and asset building into the services provided to low and moderate-income customers and clients.
The Washington Asset Building Coalition (WABC) represents over 400 members including financial institutions; community action and social services agencies; advocates for people living with disabilities; housing and micro-enterprise groups; United Ways; foundations; advocacy groups; Washington State agencies such as the Departments of Commerce and Financial Institutions, the Office of the Treasurer, and the Division of Child Support; federal agencies such as the Internal Revenue Service, Federal Deposit Insurance Corporation, and Federal Reserve Bank; and tribes.
The WABC has become the leading voice and learning network for community leaders and practitioners involved in this growing and timely movement. WABC has set the following policy agenda:
- Expand Financial Skills for Success by increasing financial fitness in schools and for adults.
- Help People Save and Invest by supporting small business development, IDA, homeownership, savings and the federal EITC.
- Remove Barriers to Gaining and Keeping Assets by expanding lower cost lending alternatives, regulating predatory lending, eliminating asset limits.
Please watch this informative and heartfelt video of a family following this program:
If the CBS video is not starting as it should, please follow this link:
http://www.cbsnews.com/video/watch/?id=4597355n
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