The Savings for Working Families Act (SWFA) ensures that our nation’s savings and ownership policies assist working-poor families by enabling them to save, build wealth, and enter the financial mainstream through the use of a financial product tailored to their needs: individual development accounts (IDAs).
SWFA would make IDAs available to 900,000 low-income Americans. IDAs are matched savings accounts that help low-income families build appreciating assets and become financially self-reliant. The accounts are used for three purposes:
- buying a first home;
- paying for post-secondary education; or
- starting or expanding a small business.
