By Karen Shawcross | Executive Director
Bien-$tar-$avers is a youth Individual Development Account (IDA) program for children and teens who live in a Bienestar apartment. We currently have 20 participants in the program ranging from grades 3rd through 12th.
An IDA is a matched savings account that enables individuals with limited financial resources to save and gain access to productive assets that they would otherwise be unable to afford.
IDAs are about more then just gaining access to productive assets. Financial literacy training is an integral part the program. All Bien-$tar-$avers participants complete 10 hours of financial literacy training in addition to developing savings habits, establishing relationships with financial institutions, and receiving a psychological boost of reaching a long-term goal.
Bien-$tar-$avers encourages savings by matching participant deposits 3:1 when they are invested in the following areas:
Participants opened their accounts in December, 2010 and as of April, 2011 they have collectively made 79 individual deposits and saved $2,133. On June 7, the final financial literacy class will be held and participants who have reached their savings goal will be eligible to withdraw their savings, receive their matching funds and make their purchases. Many of the children plan on buying laptops to help with their studies.
For more information, please contact Youth Program Coordinator Aleksi Merilainen at amerilainen@hdcnwo.org or at 503-693-2937 ext.109.
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