Using Individual Development Accounts (IDAs) to Sustain Homeownership and Foster Financial Skills, Practices and Self-Efficacy

Document Type

Article

Journal/Book Title/Conference

Family and Consumer Sciences Research Journal

Volume

107

Issue

3

Publisher

John Wiley & Sons, Inc.

Publication Date

6-1-2015

First Page

18

Last Page

26

Abstract

Now, more than ever, saving for a down payment and the sustainability of homeownership are crucial. This study presents data on an effective savings program for low-income individuals and families—Individual Development Accounts (IDA). In this study, 93% of the participants in the intervention program reported making their mortgage payment without any difficulty, and 98% said that after paying their mortgage, they had enough money left for other non-shelter necessities. The study also showed statistical differences in financial skills and efficacy when IDA participants were compared to a control group. The IDA group felt much more confident in their financial skills than did the control group and was more likely to set and achieve their financial goals.

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