ADVANCE MEMPHIS IDA EMPOWERMENT PROGRAM:

We're raising money right now in order to match the funds being saved by our amazing graduates. Keep up with our progress here. More information about IDAs is below.

Assets in America

One in five Americans are asset poor; if they had to live only on their net worth (savings, home equity and other assets) they could not survive at the poverty level for three months.
15.5% of all Americans (and 26% of minorities) have zero or negative net financial assets.
Nearly 30% of Americans are unbanked (not maintaining deposit accounts with mainstream financial service providers).
Assets increase community involvement and civic participation.
Enhance the well-being and life chances of offspring.
Foster long-term thinking and planning.

WHAT IS AN INDIVIDUAL DEVELOPMENT ACCOUNT (IDA)?

IDAs are special savings accounts for low-income workers where every dollar earned and saved is matched at some level by the program sponsor. Money saved must go toward the purchase of an asset, usually education, home, small business, or reliable transportation.

WHAT IS THE ADVANCE MEMPHIS IDA EMPOWERMENT PROGRAM?

The program allows employed graduates of the Jobs for Life/Financial Freedom class to open an Individual Development Account (IDA). When using an IDA savings account, alumni receive $2 for every $1 deposited from earned income. Savings are used for purchase of a car or house, starting a small business or obtaining a degree. The goal is to increase net worth through the habit of savings and the purchase of assets.

Bobbie, pictured here, saved for and purchased a home. To see other success stories, like Bobbie's, click here. To see other Advance grads who are currently saving through the IDA Empowerment Program, click here.

Why Asset Building?

"Few people have ever spent their way out of poverty. Those who escape do so through saving and investing for long-term goals," says Michael Sherraden, professor of Social Work at Washington University in St. Louis, and one of the orginators of IDA programs in the U.S. The Advance Memphis IDA Empowerment Program provides participants with the opportunity to save, and empowers them with the ability to realize asset ownership.

An IDA is not a handout, rather it is a tool that gives participants the ability to help themselves through employment and healthy money management.
Similarly, IDAs follow the belief that when something is earned, rather than given, it is more appreciated and better stewarded. In this way, IDAs provide both a psychological and an economic boost.
Furthermore, the IDA program is built on the premise that assets, not just an increase in income, create opportunities for sustainable, intergenerational relief from poverty.
Finally, IDAs encourage participants to do what God created them to do: use their gifts and talents productively to provide for themselves and their families.

Want to be a part of it?

Change a life; change Memphis. Invest in the IDA Empowerment Program. We invite you to be a part of the IDA Empowerment Program by using the resources God has blessed you with to empower IDA account holders spiritually and relationally, as well as financially. Through the program, you will be connected with individuals who are currently saving. You'll be encouraged to pray, support, and walk with them through the process of working, saving, and eventually purchasing their asset.

This program is available to individuals, families, offices, Sunday school classes, or other small groups. To begin supporting the Advance Memphis IDA Empowerment Program, contact Steve Nash at steve@advancememphis.org, or 901.543.8525.