Asset Accumulation
Asset Accumulation policies include public and private sector strategies to enable households to save. These savings may be in the form of highly-liquid instruments like checking and savings accounts or less-liquid instruments like certificates of deposit, Individual Development Accounts, pension funds and Individual Retirement Accounts.
Asset accumulation policies address the many hurdles that discourage the working poor from saving including educational, institutional and economic barriers. The APIC Task Force grouped Asset Accumulation policies into seven subcategories:
2. Financial services access
3. Addressing barriers to asset accumulation
4. Savings products
5. Tax incentives
6. Higher education savings products
Potential Policy Solutions:
- Raising or eliminating the asset limit for public assistance programs
- Supporting a state Earned Income Tax Credit (EITC)
- Launching outreach campaign to encourage take up of federal EITC
- Authorizing state funding for IDA programs, or other similar savings products
- Matching 529 college savings accounts for low- and moderate-income families
California Resources:
Cabrillo Economic Development Corporation (Santa Barbara and Ventura Counties)
www.cabrilloedc.org
California
EARN (Bay Area)
www.sfearn.org
San Diego
www.caringcouncil.org/fair.htm
Santa Cruz
http://www.scruzccu.org/community/index-english.shtml
Springboard (Inyo,
United Way of the Bay Area
www.uwba.org/matters/eikisi/eikisi_about.htm
United Way of Los Angeles
www.unitedwayla.org/pages/comm_impact/partnerships/ida.html
Valley Economic
Valley Initiative for Developing Assets (
www.mutualhousing.com/VIDA/index.html
Would you like us to add your organization or business to this list? Send an email.
